Asian stocks fell on Monday and China's yuan hit fresh 4-1/2 year lows as plunging oil prices added to investors' nervousness about riskier assets ahead of an expected US rate rise by the Federal Reserve later in the week.The People's Bank of China (PBOC) on Monday continued guiding the currency lower, setting the yuan/dollar official midpoint at its weakest since July 2011.
China decision to loosen its grip on the yuan and allow slow but steady depreciation in recent weeks had added to concerns that the world's second-biggest economy may be more fragile than expected.
The PBOC said late on Friday it has begun publishing a yuan index rate against a basket of currencies, seen by some as a green-light for more devaluation which could in turn pressure other emerging Asian currencies.
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