Chinese yuan plummets to 5-year low post-Brexit vote

China’s yuan weakened further Monday as the US dollar surged after Britain’s vote to leave the European Union. The People’s Bank of China (PBoC) set the value of the yuan at 6.6375 to the US dollar. It was the largest fall since a surprise devaluation last year, when it guided the normally stable yuan down nearly 5% over a week, rattling global investors. Monday’s fix was the lowest level since December 23, 2010. The PBoC said at the time that China had prepared a contingency plan for the British vote and would further improve the yuan rate system to keep the unit “basically stable,” but an analyst warned that “there will be further volatility to come.”

Read more on the effect of Brexit on world markets.