The value of China's currency, the yuan, hit a record high for the fifth straight trading day Monday with the central parity rate at 6.5705 yuan per U.S. dollar, according to the China Foreign Exchange Trading system.

The central parity rate of the yuan, or RMB, was 76 basis points up from 6.5781 on Feb. 18, the previous trading day.

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

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 U.S. dollar is based on a weighted average of prices before the opening of the market each business day.