(Yicai Global) Sept. 1 -- The People's Bank of China strengthened the yuan by 107 basis points against the US dollar this morning, fixing the central parity rate at 6.8498, the firmest since June 21, 2019.

The onshore yuan market closed at 6.8535 yesterday, appreciating 116 basis points during the day. The redback has surged nearly 4 percent against the greenback in the last three months as the US maintains a loose monetary policy.

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