(Yicai Global) Nov. 18 -- The People's Bank of China strengthened the yuan by 169 basis points against the US dollar this morning, fixing the central parity rate at 6.5593, the firmest for the redback rate since June 27, 2018, for the second day in a row.

The onshore yuan market closed at 6.5580 yesterday, appreciating 190 basis points during the day, also touching a new high since June 2018.

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