The People's Bank of China set the yuan/dollar midpoint at a six-year low on Monday. That came after a week-long national holiday during which offshore yuan touched nine-month lows against the dollar.

The midpoint was set at 6.7 yuan per dollar, the weakest since September 2010. The currency is allowed to trade in a band of 2 percent on either side of the midpoint, which is set each day. The spot rate quickly followed suit, dipping 0.4 percent to slightly below 6.7 for the first time since July. On Friday the offshore yuan slumped to its lowest rate against the dollar since January 7th.