(Yicai Global) Dec. 7 -- The People's Bank of China set the yuan at its strongest point against the US dollar in over 29 months today as the improving domestic economy and the foundering US Dollar Index continue to boost the redback’s value.

The People's Bank of China set the yuan’s central parity rate against the US dollar at 6.5362, its strongest since June 26, 2018, raising it 145 bips from Dec. 4.
A higher value in the USD/yuan pair corresponds to a weaker yuan.

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.

Editor: Ben Armour