The value of China's currency Renminbi (RMB) advanced against the U.S. dollar Wednesday as the central parity rate of the yuan was set at 6.7895 per U.S. dollar, lower than the 6.7979 Tuesday, according to the data released by the China Foreign Exchange Trading System.

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