(Yicai Global) March 23 -- The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under China's central bank the People's Bank of China, set the yuan parity rate against the US dollar at 7.0940, 112 basis points stronger for the redback than on March 20, and the largest decrease in 20 days.

CFETS fixes the benchmark rate on the morning of each business day. Spot rates may deviate 2 percent above or below its figure.