China yuan rises to record high at 6.2342 against US dollar

The central parity rate of Chinese currency Renminbi, or the yuan, gained 66 basis points to an all-time high of 6.2342 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System. The new record came one year after China allowed greater trading band for the Chinese currency, which has risen for four consecutive trading days. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day, from a fluctuation limit of 0.5 percent on either side previously. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.