(Yicai Global) Nov. 1 -- The People's Bank of China strengthened the yuan by 96 basis points against the US dollar this morning, fixing the central parity rate at 7.0437.

The onshore yuan closed at 7.0350 yesterday, appreciating 234 basis points during the day after the US Federal Reserve cut interest rates for the third time this year.

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