(Yicai Global) Jan. 6 -- The People’s Bank of China strengthened the yuan by 156 basis points against the US dollar this morning, fixing the central parity rate at 6.4604.

The PBOC stiffened the yuan by 648 bips to 6.4760 yesterday to a 30-month peak. Pandemic control, economic recovery, monetary policy and cross-border capital flows all support yuan appreciation, an economist said.

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 swing 2 percent above or below its figure.

Editor: Ben Armour