The value of Chinese currency, the yuan, weakened against U.S. dollars Wednesday.

The central parity rate was set at 6.5828 per U.S. dollar, compared with 6.5772 yuan per U.S. dollar on Tuesday, according to the China Foreign Exchange Trading system.

China's central bank announced on June 19 last year that it would reform the yuan exchange rate formation mechanism to improve its flexibility.

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.