The US dollar fell against the Chinese yuan at the start of the new trading week on Monday by 63 pips to 7.1089 yuan per dollar, compared to 7.1152 yuan on Friday at the close of last week’s trading.

Chinese regulations allow the yuan to rise or fall by 2% from the central bank’s reference rate each trading day in the spot foreign exchange market, according to China’s official news agency Xinhua.

It is worth noting that the reference rate for the yuan against the dollar is set based on the buying prices offered by major financial institutions before the start of the interbank market trading daily.