Yuan Hits New High against U.S. Dollar

China's currency, the yuan, rose slightly from the previous trading to hit a new high against the U.S. dollar on Wednesday, with the central parity rate at 7.2418 yuan to one dollar.

The yuan, also known as the Renminbi, went up 36 basis points from Tuesday, according to China Foreign Exchange Trading System.

The exchange rate refreshed record for four trading days in a row. This was the seventh time that the yuan hit a new high against the U.S. dollar since the beginning of this year.