Yuan slides in response to dollar, Greek election

Biggest two-day loss for currency since the onset of global financial crisis

The yuan's value tested the boundaries of what the authorities will tolerate on Monday, trading as much as 1.94 percent weaker than the lower limit of the People's Bank of China's reference rate.

Further declines are possible as the dollar has been strengthening in response to the European Central Bank's quantitative easing program and the outcome of the Greek parliamentary elections, analysts said.