We open with a look at China's foreign exchange sector. The Chinese yuan surged to its highest mark in more than two years against the dollar on Monday. Both the onshore and offshore yuan hit their stoutest levels since December 2015 in early trade.

The onshore yuan ended Monday's session at 6.4417 per dollar. That was its strongest level since December 10th, 2015. The closing price was 263 pips stronger than previous close and 157 pips firmer than Monday's midpoint. Traders attributed the gains in the yuan to dollar selling in domestic markets as the euro soared. The yuan also gained momentum on Germany's decision announced Monday during the Asian Financial Forum in Hong Kong to include the yuan in its currency reserves.