(Yicai Global) Sept. 2 -- The People's Bank of China set the yuan’s central parity rate versus the US dollar at the highest level since May 14 last year.

The central bank fixed today’s midpoint at 6.8376, an increase of 122 basis points.

The PBOC has lifted the redback for straight seven days as the dollar nosedives. The onshore market yuan closed at 6.8239 yesterday, appreciating 296 bips during the day.

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