(Yicai Global) May 8 -- The People's Bank of China fixed the yuan's central parity rate against the dollar slightly stronger today, after pushing the redback to a two month low yesterday.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate at 6.7596 against the dollar, 18 basis points lower than yesterday's 6.7614. A lower rate means a stronger yuan.

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

China's foreign exchange reserves snapped a five-month rising streak to fall in April, slipping to USD3.09 trillion at the end of last month, the State Administration of Foreign Exchange said yesterday. The figure was down USD3.8 billion from March 31.

Editor: James Boynton