Chinese yuan continues to climb against USD

The Chinese currency has continued to climb against the U.S. dollar on the back of a firming economy and a weaker dollar.

The central parity rate of the Chinese currency, the renminbi or the yuan, strengthened 191 basis points to 6.6102 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System. [Photo: VCG]

The central parity rate of the Chinese currency, the renminbi, strengthened 191 basis points to over 6.61 against the U.S. dollar Wednesday.

The adjustment came after a rise of 60 basis points Tuesday, reaching the highest level since August last year.

Insiders say the yuan's rally was supported by the sound fundamental backdrop of the Chinese economy.

Reform of the "central parity system" also helped improve market expectations.