(Yicai Global) Jan. 2 -- The People's Bank of China raised the yuan-dollar central parity rate by 150 basis points this morning, strengthening the Chinese currency's value against the greenback.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate at 6.8482 against the dollar, 176 basis points stronger than a close of 6.8658 on Dec. 28, the last trading day before New Year.

CFETS sets the benchmark on the morning of each business day with spot rates fluctuating 2 percent above or below the previous figure.

Editor: William Clegg