(Yicai Global) Dec. 10 -- The People's Bank of China set the yuan central parity rate against the US dollar at 6.5476 this morning, 165 basis points weaker for the redback than yesterday’s 6.5311.

The central parity rate has been at its strongest point since June 2018 over the past three days in tandem with the Chinese currency’s recent relentless rise against the US dollar. The redback touched 6.5179 against the greenback on the onshore market yesterday, also its strongest point in the past 29 months.

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