Chinese yuan strengthens to 6.8865 against US dollar Wednesday

An employee counts yuan banknotes at a bank in Huaibei, Anhui province, June 22, 2010. [Photo/Agencies]

BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 24 basis points to 6.8865 against the US dollar Wednesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 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 offered by market makers before the opening of the interbank market each business day.