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[SHANGHAI] China's yuan weakened against the dollar at its open on Monday after the central bank set the guidance rate at a more than 4-1/2-year low.
Prior to market open, the People's Bank of China set the yuan midpoint rate at 6.5032 per dollar - its lowest level since May 2011, 0.15 per cent weaker than the previous fix of 6.4936.
The spot market opened at 6.5120 per dollar, its lowest level since April 2011, and was changing hands at 6.5078 in early trade, 0.22 per cent weaker than the previous close.
The yuan finished 2015 with a record yearly loss of 4.7 per cent after volatile trading in last five months.
The market widely expects the Chinese currency to continue depreciation this year, and is likely to hit 6.8 per dollar by the end of 2016 to fall 4.7 per cent.
The offshore yuan was trading 1.40 per cent weaker than the onshore spot at 6.6 per dollar.