Yuan exchange rate hits 6-year low amid volatility of other currencies

Experts see no long-term depreciation of the yuan, following the central bank's fixing of the currency's central parity rate at the weakest level in six years on the first trading day after a weeklong holiday.

The People's Bank of China set the midpoint of the currency at 6.7008 against the US dollar on Monday, which is the weakest level since September 2010 and about 0.3 percent weaker than on Sept 30, the last trading day before the National Day holiday.

Analysts attributed the fluctuation to the strong volatility of other major currencies in the past week, especially the British pound, and rising market expectations of a possible interest rate hike by the US Federal Reserve by year's end.