China’s onshore yuan fell to its lowest level in more than two years on Monday amid fears of a citywide lockdown in Beijing, and a continued decline in the Asian currency could potentially trigger more shockwaves across financial markets. The onshore yuan CNYUSD, -0.88% USDCNY, +0.89% , which trades within mainland China, fell 0.9% to trade around 6.55 per dollar — on its way to its biggest one-day drop since March 12, 2020, according to Tullett Prebon.