China's RMB fix at five-year low against dollar

China’s central bank set the daily yuan-fixing at its weakest level against the dollar in more than five years on Monday, after hawkish comments from Federal Reserve Chairwoman Janet Yellen boosted the strength of the U.S. currency, according to The Wall Street Journal. The People’s Bank of China set its daily reference rate for the yuan at 6.5784, the weakest level since February 2011 and 0.45% lower than Friday’s fixing point. Onshore, the yuan is allowed to trade 2% above and below the so-called fix. The U.S. dollar index, which tracks the dollar’s strength against a basket of six currencies, rose 0.4% to 95.888 in early Asian trading.