The value of China's currency Renminbi (RMB) weakened 24 basis points against the U.S. dollar Monday as the central parity rate of the yuan was set at 6.8025 per U.S. dollar, compared with the 6.8001 Friday, according to the data released by the China Foreign Exchange Trading System.

China's central bank announced on June 19 in 2010 that it would further the reform of the formation mechanism of the yuan exchange rate to improve its flexibility.