The Chinese currency strengthened 8 basis points to an all-time high at 6.4837 per US dollar on Wednesday. [Photo/Xinhua]

The Chinese currency Renminbi, or the yuan,strengthened 8 basis points to an all-time high at 6.4837 per US dollar on Wednesday, according to the China Foreign Exchange Trading system.

The yuan's fresh central parity rate scrapped the previous record of 6.4845 per US dollar set on Tuesday.

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.