(Yicai Global) March 5 -- The People's Bank of China strengthened the yuan by 111 basis points against the dollar this morning, fixing the central parity rate at 6.9403.

The onshore yuan market closed at 6.9331 to the dollar yesterday, jumping 477 basis points during the day after the US Federal Reserve cut the federal funds rate by 0.5 of a percentage point.

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 its figure.

Editor: Ben Armour