The Chinese currency Renminbi, or yuan, strengthened by 41 basis points to 6.2855 against the U.S. dollar on Monday, according to the China Foreign Exchange Trading System.

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.[Hong Kong Company Formation, Incorporation, Business Registration]

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.