The Chinese currency Renminbi, or the yuan, strengthened 21 basis points to 6.3317 against the U.S. dollar on Friday, marking a rise for the third straight trading days, according to the China Foreign Exchange Trading System.
The yuan has been gaining strength against the greenback since it hit 6.267 against the U.S. dollar on May 2, the highest in the year.
In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.
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