(Yicai Global) Jan. 8 -- The People's Bank of China raised the yuan-dollar central parity rate by 115 basis points this morning at 6.8402, boosting Chinese currency's value to its strongest level against the greenback since Sept. 21.

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 the figure.

Downward pressure on the Chinese yuan in December 2018 has reduced significantly, financial news outlet JRJ reported E Yongjian, chief financial analyst at the financial research center of the Bank of Communications, as saying. The overall appreciation against the US dollar also provides support for the foreign exchange reserves, he added. 

Editor: William Clegg