The Chinese currency Renminbi, or the yuan,strengthened 21 basis points to hit 6.4795 per US dollar on Wednesday, according to the China Foreign Exchange Trading system.

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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 US dollar is based on a weighted average of prices before the opening of the market each business day.