(Yicai Global) July 12 -- The People's Bank of China strengthened the yuan by 15 basis points against the dollar this morning, fixing the central parity rate at 6.8662, some 4 bips higher than yesterday's market-based close of 6.8658. A higher rate means a weaker yuan.
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: James Boynton