(Yicai Global) May 8 -- China's central bank set the yuan’s central parity rate against the US dollar at 7.0788 this morning, stiffening the redback by 143 basis points from yesterday.

The Chinese Foreign Exchange Trade System, the interbank trading and foreign exchange division under China’s central bank, fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below its figure during the day.

Editor: Ben Armour