(Yicai Global) March 27 -- The central parity rate of the yuan against the dollar today hit the highest level in nearly two and half years. It strengthened 377 basis points to 6.2816 versus the dollar, according to data from the China Foreign Exchange Trade System. 

The offshore yuan was at 6.2543 against the dollar at 04.59 a.m. Beijing time today, up 578 basis points from last Friday's closing in New York. It was at 6.2484 as of 9.35 a.m.

The onshore yuan versus the dollar closed at 6.2741 at 11.30 p.m., up 397 basis points from last Friday night's close. The volume of transactions on the day hit USD27.1 trillion, an increase of USD2.9 trillion from Friday. It further strengthened to 6.2734 at 9.35.a.m.

The overall turnover of the yuan was relatively stable although the Federal Reserve raised interest rates last week and the U.S. announced new tariffs on China, analysts pointed out. The yuan's exchange rate is expected to remain stable in the short term, given that the U.S. dollar index, a gauge that measures the greenback's strength against six other major currencies, is currently low.

The Chinese yuan is forecast to make ongoing gains this year against the U.S. dollar, according to the results of last month's Yicai survey of chief economists, who raised their expectations for a stronger Chinese currency.