The Chinese yuan depreciated against the dollar on Monday, after last week recording its best week since December. At 02:45 GMT, the yuan traded at 7.2537 to the dollar, up from 7.2502 at the previous close. The yuan has lost 2.1% of its value against the greenback since the start of the year. It has been under pressure since the beginning of 2023, as domestic difficulties related to a weak real estate sector, anemic consumption, and falling yields have pushed capital out of the yuan, while foreign investors have stayed away from the struggling Chinese stock market

Par ailleurs, The yen strengthened on Monday, reversing previous declines, as an escalation of tensions in the Middle East revived safe-haven demand for the Japanese currency.

The South African rand advanced early on Monday, with risk sentiment remaining positive ahead of the US Federal Reserve's policy decision later in the week.

Australian and New Zealand dollars successfully fended off selling pressure on Monday, as the results of a key US inflation report and a trio of major central bank meetings this week could help reverse their recent downward trajectory. The New Zealand dollar rebounded 0.2% to $0.59, after falling 2% last week to a three-month low of $0.5873. The Australian dollar settled at 100.59 yen, after losing 4.4% last week, far from its 33-year peak of