China's yuan slumped for a second trading day on Monday, hitting the lowest level since June 2014.
The spot exchange rate of the yuan extended the slump on Monday after a sharp decline on the previous trading day, plunging 254 basis points to close at 6.2542, with the fluctuation approaching the daily trading band of 2 percent allowed by the authority.
The rate tumbled 222 basis points on Jan. 23.