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.

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