Yuan strengthens near record high at 6.1599 against USD

The Chinese currency Renminbi, or yuan, strengthened 53 basis points to a new high of 6.1599 against the U.S. 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 U.S. dollar is based on a weighted average of prices before the opening of the market each business day.