The value of Chinese currency Renminbi (RMB), the yuan, weakened 30 basis points against U.S. dollars Wednesday.

The central parity rate was set at 6.5736 per U.S. dollar Wednesday, comparing 6.5706 per U.S. dollar the previous trading day, 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 for each business day.