The Chinese currency, or the yuan, on Monday weakened 33 basis points to 6.5985 per U.S. dollar from Friday, according to the China Foreign Exchange Trading System.

The central parity rate of the yuan, or RMB, hit a record high of 6.5849 last Thursday.

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

On China's foreign exchange spot market, the yuan can rise or fall 0.5 percent from the central parity rate each trading day.

The central parity rate of the RMB against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.