(Yicai Global) July 8 -- The People's Bank of China strengthened the yuan by 103 basis points against the US dollar this morning, fixing the central parity rate at 7.0207, the redback’s highest value since Feb. 27.

The onshore yuan market closed at 7.0139 yesterday.

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 its figure.

Editor: Ben Armour