(Yicai Global) June 3 -- The China Foreign Exchange Trade System set the yuan parity rate against the US dollar at 6.8896 today, 96 basis points stronger for the redback than May 31's rate.

The pair traded at 6.9020 at the official closing of the onshore market on that day.

CFETS fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.

The China Foreign Exchange Trade System is the interbank trading and foreign exchange division under China's central bank the People's Bank of China.

Editor: Ben Armour