China cuts yuan fix

China weakened the yuan's fixing almost one percent to a five-and-half-year low against the dollar Monday, officials said, the biggest downward move since August as the greenback surge after Britain's vote to leave the European Union.

The People's Bank of China (PBoC) set the value of the yuan -- also known as the renminbi -- at 6.6375 to the greenback, down 0.91 percent from Friday's fixing, according to data from the Foreign Exchange Trade System.