The central parity rate of the Chinese currency renminbi, or the yuan, weakened 24 pips to 6.7841 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
Chinese yuan weakens to 6.7841 against USD Monday
U.S. Transportation Secretary Sean Duffy said on Sunday that Canada would be "foolish" to believe it could win a trade war against the United States, warning that the economic consequences for Canada could be "devastating".
He predicted that Canadian Prime Minister Mark Carney would return to the negotiation table "very, very quickly".
The remarks came after trade disputes between the two countries dramatically escalated recently.
After the collapse of U.S.-Canada trade talks, the United States announced on Saturday that it would impose a 50-percent tariff on 20 billion U.S. dollars' worth of Canadian goods, effective just after midnight.
In response, Prime Minister Carney quickly announced that Canada would levy retaliatory tariffs on U.S. goods beginning September 8.
U.S. President Donald Trump posted on Truth Social on Sunday that Canada wants the benefits of being a U.S. state, "without being one", adding this couldn't go on anymore.
US warns trade war to be "devastating" for Canada after Carney's retaliatory tariff threat
