China guided the yuan lower at its sharpest pace since June on Monday, partly reversing the currency's gains last week.
The People's Bank of China (PBOC) set the yuan midpoint at 6.9262, a sharp drop for the renminbi compared with Friday's fixing at 6.8668.
China's central bank does not allow the currency to move more than 2 percent from its daily fixing in onshore trade. While policymakers cannot closely control offshore trade of the currency, it usually remains relatively close to its onshore counterpart.
Onshore, the dollar was fetching as little as 6.8679 yuan last week, compared with 6.9318 yuan at 9:54 a.m.
In offshore trade last week, the dollar was fetching as little as 6.7815 yuan amid a spike in overnight borrowing and deposit rates. At 9:49 a.m., the dollar was fetching 6.8666 yuan offshore.