BEIJING - The Chinese currency, or the yuan, on Thursday rose to a fresh high of 6.5849 against the US dollar, according to the China Foreign Exchange Trading System.

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The central parity rate of the yuan, or RMB, was 1 basis point higher than the previous record of 6.585 set on February 9, the previous trading day.

The central parity rate has risen against the dollar for a three consecutive trading days.

China's central bank announced on June 19 last year that it would further reform the yuan exchange rate formation mechanism to improve its flexibility.

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.