diff --git a/rest_framework/fields.py b/rest_framework/fields.py
index 70c210c16..9f20a5fe6 100644
--- a/rest_framework/fields.py
+++ b/rest_framework/fields.py
@@ -1141,11 +1141,13 @@ class DecimalField(Field):
             return value
 
         context = decimal.getcontext().copy()
+        # For Python 2.7 compatibility when using cdecimal
+        rounding = context.rounding if self.rounding is None else self.rounding
         if self.max_digits is not None:
             context.prec = self.max_digits
         return value.quantize(
             decimal.Decimal('.1') ** self.decimal_places,
-            rounding=self.rounding,
+            rounding=rounding,
             context=context
         )
 
diff --git a/tests/test_fields.py b/tests/test_fields.py
index 9a1d04979..a63974ac2 100644
--- a/tests/test_fields.py
+++ b/tests/test_fields.py
@@ -7,6 +7,7 @@ from decimal import ROUND_DOWN, ROUND_UP, Decimal
 
 import pytest
 import pytz
+from _pytest.monkeypatch import MonkeyPatch
 from django.core.exceptions import ValidationError as DjangoValidationError
 from django.http import QueryDict
 from django.test import TestCase, override_settings
@@ -18,6 +19,11 @@ from rest_framework import exceptions, serializers
 from rest_framework.compat import ProhibitNullCharactersValidator
 from rest_framework.fields import DjangoImageField, is_simple_callable
 
+try:
+    import cdecimal
+except ImportError:
+    cdecimal = False
+
 try:
     import typings
 except ImportError:
@@ -1150,6 +1156,16 @@ class TestQuantizedValueForDecimal(TestCase):
         expected_digit_tuple = (0, (1, 2, 0, 0), -2)
         assert value == expected_digit_tuple
 
+    @unittest.skipUnless(cdecimal, 'requires python 2.7')
+    def test_quantize_on_monkey_patched_cdecimal(self):
+        # Monkey-patch cdecimal to replace decimal in for DecimalField
+        monkeypatch = MonkeyPatch()
+
+        with monkeypatch.context() as m:
+            m.setattr('rest_framework.fields.decimal', cdecimal)
+            f = rest_framework.fields.DecimalField(max_digits=4, decimal_places=2)
+            f.quantize(cdecimal.Decimal('1.234'))
+
 
 class TestNoDecimalPlaces(FieldValues):
     valid_inputs = {
diff --git a/tox.ini b/tox.ini
index 968ec1ef1..3646d5deb 100644
--- a/tox.ini
+++ b/tox.ini
@@ -24,6 +24,7 @@ deps =
         django20: Django>=2.0,<2.1
         django21: Django>=2.1,<2.2
         djangomaster: https://github.com/django/django/archive/master.tar.gz
+        py27: m3-cdecimal
         -rrequirements/requirements-testing.txt
         -rrequirements/requirements-optionals.txt