China’s yuan lower on Monday after the People’s Bank of China set the daily reference rate at three-week low.
The onshore yuan in Shanghai was trading at 6.9074 to the US dollar at 11.00am, 0.14 per cent weaker than on Friday, reflecting its fourth straight session of losses. The offshore yuan in Hong Kong traded weaker for the sixth trading day, easing 0.13 per cent to 6.69074 to the US dollar. Both the onshore and offshore yuan quotes were at the weakest levels recorded so far in April.