(Yicai Global) March 4 -- The onshore Chinese yuan surged over 500 basis points today to the highest against the US dollar since Jan. 24 after the US Federal Reserve cut its baseline rate by 0.5 percentage point due to the Covid-19 outbreak.

The onshore yuan was at 6.9293 against the US dollar by 3.40 p.m., appreciating 515 bips during the day. China's central bank has not matched the US move yet.

Editor: Emmi Laine