The Chinese yuan weakened 441 basis points to 6.6652 against the U.S. dollar on Monday. That's according to the China Foreign Exchange Trading System. Traders say the move shows that the market still expects the yuan to depreciate in the medium term.

Corporate dollar demand has remained strong despite a general yuan rebound since mid-July. Analysts say that investors believe the yuan will depreciate in the foreseeable future. That's given the prospects of the dollar's global strengthening and the slowdown of the Chinese economy.