China vows to support yuan through crisis, bouncing the embattled currency from a 16-year low

• The Chinese yuan dropped to a 16-year low versus the dollar on Friday amid economic headwinds.
• The currency bounced Monday after China's central bank moved to stabilize the currency.
• The PBOC's intervention pushed the yuan 1% higher Monday morning, its biggest gain since March.

The Chinese yuan bounced away from its 16-year low on Monday as China's central bank announced it would continue to support the embattled currency through its prolonged slump.

In a statement, the People's Bank of China issued a stark warning to traders speculating against the note, which sent the yuan soaring 1% — its largest one-day gain since March.