The Chinese currency, the yuan, strengthened Thursday to a record 6.6229 per US dollar, after 10 consecutive days of gains.

The central parity rate of the currency, also known as the renminbi (RMB), was set 18 basis points stronger than Wednesday's 6.6247.

The previous record parity rate was 6.6239, set on Nov. 12, according to the China Foreign Exchange Trading system.

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

Based on Thursday's central parity, the Chinese currency has appreciated 3 percent against the US dollar since the day before the central bank's pledge.

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 enquired prices from all market makers before the opening of the market each business day.

(Xinhua News Agency December 30, 2010)