Chinese yuan rises to 6.2881 against USD

BEIJING - The Chinese currency renminbi, or the yuan, strengthened 10 basis points to 6.2881 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.

The figure marked a rise for seven consecutive trading days, foreign exchange data showed.

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.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.