RMB tumbles to five-year low

The renminbi fell to a five-year low against the US dollar on Monday after statistics indicated weaker-than-expected Chinese economic growth momentum in December.

The People's Bank of China, the central bank, cut its daily reference rate by 0.15 percent to 6.5032 renminbi to the dollar, the weakest level since May 2011.

In Shanghai, the Chinese currency, which is allowed to diverge from a central bank fixing by a maximum of 2 percent, retreated by 0.25 percent to 6.5097, according to China Foreign Exchange Trade System.