The offshore yuan had its biggest two-day fall since June as most other major currencies also slid, led by South Korea’s won. Australian shares continued a rally that’s seen the benchmark index gain every day since the year started, while losses in emerging markets offset gains elsewhere.

The yuan extended its decline following Friday’s biggest loss in a year, though the worst performer was the won, which fell the most in two months. The Dollar Index edged higher.

Australian shares hit their highest since May 2015, and equities from New Zealand to China and Korea also rose. Markets in Japan were closed for a holiday. West Texas Intermediate crude oil declined for the first time in four sessions.

U.S. labor data Friday has stoked optimism that growth in the world’s largest economy is poised to accelerate. Australian and New Zealand bond rates climbed following an increase in U.S. yields at the end of last week. Britain’s Prime Minister Theresa May said Sunday that negotiations on Brexit will be about “getting the right relationship, not about keeping bits of membership.” The pound weakened Monday.

Currencies

The offshore yuan was down 0.5 percent following Friday’s 0.9 percent retreat. The central bank set the onshore yuan reference rate 0.9 percent weaker against the dollar, though still stronger than some bank models predicted.

The Dollar Index rebounded from an earlier loss and was up 0.1 percent.

The pound was down 0.5 percent at $1.2232. The yen fell 0.4 percent to 117.49 per dollar and the won slid 1.2 percent, the most in two months.

The Australian dollar rose 0.1 percent, the only major currency gainer against the greenback.

Stocks

Australia’s S&P/ASX 200 Index climbed 0.9 percent and New Zealand’s S&P/NZX 50 was up 0.6 percent.

The Shanghai Composite Index rose 0.6 percent, heading for its highest close in a month. South Korea’s Kospi Index was up 0.1 percent, the Hang Seng added 0.2 percent in a third day of gains. India’s S&P BSE Sensex was little changed, and the Jakarta Composite was down 0.4 percent.

The MSCI Asia Pacific excluding Japan Index fell 0.3 percent.

The S&P 500 rose 0.4 percent to a record close of 2,276.98 on Friday in New York. It added 1.7 percent in the week, the most since Dec. 9.

The Dow Jones Industrial Average climbed to 19,963.80 after setting an intraday high of 19,999.63.

The Stoxx Europe 600 Index fell 0.1 percent, trimming a weekly advance.

Bonds

Australian bonds sold off, with yields following the U.S. higher. The 10-year Aussie rate added 8 basis points to 2.76 percent, while the comparable New Zealand yield rose 7 basis points to 3.27 percent.

The U.S. 10-year rate rose 8 basis points to 2.42 percent Friday, while futures were little changed.

Commodities

West Texas Intermediate crude oil dropped 0.5 percent to $53.73, halting its advance below $54 a barrel as an increase in U.S. drilling offset signs OPEC members are sticking to planned output cuts.

Gold rose 0.2 percent to $1,175.36 an ounce.