(Yicai Global) March 12 -- The People's Bank of China has fixed the yuan's central parity rate against the dollar 74 basis points higher this morning at 6.7128.

The China Foreign Exchange Trade System, the interbank trading and forex division of the central bank, sets the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

The yuan-dollar onshore spot exchange rate started at 6.7221, 44 bips higher than the yesterday's close, then quickly soared more than 100 bips. The offshore yuan spot rate opened at 6.7295, about 16 bips stronger than yesterday's close.

Editor: William Clegg