China's yuan strengthens to new high against USD Thursday

BEIJING - The Chinese currency renminbi, or yuan, strengthened 53 basis points to a new high of 6.1599 against the US dollar on Thursday, 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.

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.