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China's yuan strengthens for 3rd day

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BEIJING, Dec. 12 (Xinhua) -- The Chinese currency Renminbi, or yuan, strengthened by 23 basis points to 6.2883 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System.

The increase marked a rise for three trading days, as the market expected the U.S. Federal Reserve to expand its bond purchase plan, which will affect the demand for the greenback.

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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