China’s yuan edged lower for the fourth consecutive session on Monday after the central bank set a weaker official guidance rate.

The spot market opened at 6.2057 per dollar and was changing hands at 6.2075 at midday, down 0.03 percent from the previous close.

Traders said the currency market was largely unaffected by Beijing’s unprecedented moves over the weekend to prevent China’s stock market from a full-blown collapse.

“A tumbling stock market reinforces the monetary authorities’ intention to keep the yuan steady of late,” said a trader at a city commercial bank in Shanghai.

In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China’s state-backed margin finance company, which in turn would be aided by a direct line of liquidity from the central bank. New initial public offerings (IPOs) were frozen.

The People’s Bank of China (PBOC) set the midpoint rate  at 6.1172 per dollar prior to market open, 0.02 percent weaker than the previous fix at 6.116.

Monday’s midpoint was in line with the overnight performance of the greenback in the global markets, traders said.

The U.S. dollar index edged up after Greece overwhelmingly rejected terms of a rescue package on Monday, raising the prospect that the cash-strapped nation might exit the euro zone.

Traders said the central bank has little choice but to maintain the stability of the yuan in the short term, as the condition of China’s financial markets have become unstable and complicated.

They widely expect the yuan would be steady in the next one to two months. They also suspect the central bank would continue selling dollars in the market via the big state-owned banks to protect the exchange rate from falling further.

China Merchants Securities wrote in a research note on Friday that despite high dollar demand from overseas-listed Chinese companies to pay dividends in July, the chance of the yuan breaking the 6.21 per dollar level is limited.

The offshore yuan was trading 0.05 percent weaker than the onshore spot rate at 6.2054 per dollar.

Analysts said liquidity conditions in the offshore yuan market have tightened of late, as a large amount of capital were seen flowing into the mainland stock market, riding on the recent correction of A-shares.