(Yicai Global) Jan. 24 -- The People's Bank of China strengthened the yuan by 167 basis points against the dollar this morning, fixing the central parity rate at 6.7802 and ending four straight days of a waning redback.
The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate 86 basis points lower than yesterday's market-based closing price of 6.7888. Yesterday's close was 215 bips lower than the trade prior, which had been the yuan's weakest daily finish since Jan. 9. 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