China weakens yuan following last week's jump

China's yuan resumed its downward slide Monday as officials weakened its value against the dollar by the most in six months, having hiked it at the end of last week. The People’s Bank of China set the reference rate of the yuan -- also known as the renminbi -- at 6.9262 to the dollar, down 0.87 percent from Friday’s fixing, according to data from the Foreign Exchange Trade System. China only allows the tightly controlled yuan to rise or fall two percent on either side of the daily fix, to prevent volatility in the currency, which is near its lowest levels in eight years.