(Yicai Global) Oct. 22 -- The People's Bank of China set the central parity rate of China’s yuan at 6.6556 to the US dollar in the strongest parity rate for the redback in 27 months.
The central bank first set the yuan against the greenback to its strongest point in over two years yesterday, fixing the central parity rate at 6.6781.
The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, designates the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below its figure.
The yuan’s relentless rise against the buck continued yesterday, with both the onshore and offshore exchange rates touching their respective strongest point since July 2018 as the greenback continues to skid.
Editor: Ben Armour