The Chinese yuan on Monday lost value against the world's reserve currency in the aftermath of the People's Bank of China slashing the daily reference rate for a fifth-straight day, Bloomberg reports.
The central bank tugged down the reference rate by 0.07 percent on Monday, prompting the yuan to lose 0.18 percent on the first day of the trade week. That marks the biggest loss since May 10.
"Concerns that banks may have serious problems greatly weigh on investor sentiment, because they're so big and so important in the entire system," analyst Amy Lin with Capital Securities told The Wall Street Journal.
Lender China International Capital Corporation pulled down its expansion projection for this year in the Asian nation to 7.4 percent after it originally was 7.7 percent, Bloomberg reports.
The China Development Bank withdrew a bond offering valued at the equivalent of 20 billion yuan that was to be conducted on Tuesday, The Wall Street Journal reports. Though the lender did not cite a reason as to why, that withdrawal represents the most recent struggle with debt sales in China during the past two weeks.
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