(Yicai Global) Aug. 6 -- The People's Bank of China strengthened the yuan by 314 basis points against the US dollar this morning, fixing the central parity rate at 6.9438, the firmest since March 11. Meanwhile, the US dollar has weakened against major foreign currencies in the past month.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, sets the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below its figure.

The US Dollar Index has further weakened since early July with the greenback hovering around its weakest point in more than two years.

Editor: Emmi Laine