(Yicai Global) Dec. 4 -- China's central bank has set the midpoint, which guides the rate of the Chinese yuan against the US dollar trading today, to the highest level in more than two months. 

The People's Bank of China fixed the central parity rate at 6.8939 this morning, which is the strongest for the redback since Sept. 28. This is 492 basis points lower than yesterday. The currency can trade 2 percent higher or lower from the midpoint. 

The yuan continued to strengthen in the domestic market today, At 10.10 am.,The onshore spot rate was 6.8557, compared with yesterday's close of 6.8855. The offshore yuan traded at 6.8545, which was also gaining strongly in comparison to yesterday's close of 6.8769 in New York. 

The yuan rose amid other trade-dependent currencies in the expense of the US dollar, and stock markets rallied yesterday as US and China announced a ceasefire to their countries' trade spat. 

Editor: Emmi Laine