The central parity rate of the yuan, China's currency Renminbi (RMB), dropped 75 basis points Thursday to 6.7011 per U.S. dollar from a record high of 6.6936 per U.S. dollar Wednesday, 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.