BEIJING, March 4 (Xinhua) -- The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 2 pips to 6.9514 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System.

File photo: VCG

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 U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.