China's yuan strengthens

The value of the Chinese currency renminbi, or the yuan, strengthened by 16 basis points to 6.1405 against the US dollar in its central parity Wednesday, authorities said.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, reports Xinhua.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.