BEIJING - The Chinese currency Renminbi, or the yuan, gained 33 basis points to 6.2858 against the US dollar on Monday, according to the China Foreign Exchange Trading System.

It was a record high since the country started reforming its exchange rate formation mechanism in 2005.

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.