China's yuan hits new high of 6.4837 per USD
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The Chinese currency Renminbi, or the yuan,strengthened 8 basis points to an all-time high at 6.4837 per U.S. dollar on Wednesday, according to the China Foreign Exchange Trading system.
The yuan's fresh central parity rate scrapped the previous record of 6.4845 per U.S. dollar set on Tuesday.
On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.
The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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