The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 54 basis points to 6.9435 against the US dollar Thursday, according to the China Foreign Exchange Trading System.

    In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2% from the central parity rate each trading day, according to China's (Xinhua) News Agency.

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