(Yicai Global) May 21 -- The People's Bank of China strengthened the yuan by 88 basis points against the dollar this morning, fixing the central parity rate at 7.0868.

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.

The onshore yuan closed at 7.1067 to the dollar yesterday, appreciating 2 basis points during the day.

Editor: James Boynton