(Yicai Global) Dec. 21 -- The People's Bank of China lowered the yuan-dollar central parity rate by 111 basis points this morning, strengthening the Chinese currency's value against the greenback.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate at 6.8825 against the dollar, 145 basis points stronger than the closing price of 6.8970 yesterday.

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