(Yicai Global) Jan. 20 -- The People's Bank of China strengthened the yuan by 214 basis points against the US dollar this morning, fixing the central parity rate at 6.8664.

The onshore yuan market closed at 6.8585 to a dollar on Jan. 17, appreciating 265 basis points over the day. The redback rose a total of 705 bips last week, prompted by the phase-one trade deal that China and the US signed on Jan. 15.  

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: Emmi Laine