BEIJING - The Chinese currency Renminbi, or the yuan, rose to a new high against the dollar on Wednesday.

It strengthened 42 basis points to stand at 6.2919 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 0.5 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.