The central parity rate of the yuan, China's currency Renminbi (RMB), dropped 101 basis points, or 0.15 percent, Monday to 6.7098 per U.S. dollar, according to the data released by the China Foreign Exchange Trading System.

The Chinese currency gained for eight consecutive days in previous trading.

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