(Yicai Global) Dec. 17 -- The People's Bank of China set the central parity rate of the yuan against the dollar 158 basis points higher ahead of interbank trading this morning, increasing the cost of the greenback by 0.23 percent.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under the central bank, set the rate at 6.8908 -- 67 basis points stronger than last week's close.

The CFETS sets the benchmark on the morning of each business day, allowing spot rates to deviate 2 percent above or below the figure.