The Chinese currency Renminbi, or the yuan, strengthened 3 basis points to 6.1105 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market,[HongKong Richful  - Hong Kong Company Formation, Offshore Company Incorporation] the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

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.