(Yicai Global) July 11 -- The People's Bank of China strengthened the yuan by 179 basis points against the dollar this morning, fixing the central parity rate at 6.8677, or 132 bips lower than yesterday's market-based close of 6.8809. A lower rate means a stronger yuan.

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 the figure.

Editor: James Boynton