Not sure if this is the best way to do it but this is what I would try:
First, categorize your continuous variable into some ordered categories (for example, 1,2,3,etc...). Number of categories may depends on your sample size and the attributes of your data.
Then build a contingency table. Now you can use Kruskal-Wallis statistic to get a sense of the degree of correlation between two variables.
I'll try. Just wondering why we should rank the data.
PS: find there is so much to learn. Need to know the econometric theory and the application. Both are not easy; and there is also a big gap between the two.
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