BEIJING -- The Chinese currency Renminbi, or the yuan,strengthened 11 basis points to an all-time high at 6.4845 per US dollar on Tuesday, according to the China Foreign Exchange Trading system.

The yuan's fresh central parity rate scrapped the previous record of 6.4856 per US dollar set on Monday.

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the US dollar is based on a weighted average of prices before the opening of the market each business day.