The Chinese currency Renminbi, or yuan, strengthened by 23 basis points to 6.2883 against the US 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 US Federal Reserve to expand its bond purchase plan, which will affect the demand for the greenback, according to China’s (Xinhua) News Agency. In China’s foreign exchange spot market, the yuan is allowed to rise or fall by 1% from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices before the opening of the market each business day.