(Yicai Global) June 24 -- The People's Bank of China strengthened the yuan by 116 basis points against the US dollar this morning, fixing the central parity rate at 7.0555.

The onshore yuan spot rate closed at 7.0650 yesterday, appreciating 120 basis points during the day.

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: Emmi Laine