The Australian dollar is under pressure as concerns over China's currency return

Jeff J Mitchell/Getty Images

The Australian dollar, having traded as high as .7457 earlier in the session, is now back below the 74 cent level.

The catalyst for the decline has been a substantially weaker USD/CNY fixing from the People’s Bank of China on Monday.

The bank fixed the yuan at 6.6375, the weakest level seen since December 2010.

The AUD/USD currently buys .7394, down 0.86% for the session.

AUD/USD 5-minute chart.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.