(Yicai Global) March 18 -- The People's Bank of China strengthened the yuan by 79 basis points against the dollar this morning, fixing the central parity rate at 6.7088 after fortifying the redback by 158 bips on March 15.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate 29 points lower than March 15's market-based closing price of 6.7117. A lower rate means a stronger yuan.

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

Editor: James Boynton