(Yicai Global) Dec. 8 -- The People's Bank of China continued to bolster the yuan against the US dollar today as it set it at its strongest point for 29 months for the second day in a row.

The People's Bank of China set the central parity rate at 6.5320, its firmest since June 26, 2018, raising the redback’s value 42 bips from yesterday.

A larger value between the pair indicates 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