China’s central bank set the value of the yuan at the currency’s lowest level against the U.S. dollar in more than eight years on Friday.
The “parity rate” for the yuan, also known as the “renminbi,” or people’s money, was set at 6.9168, its lowest level since June 2008. It was at 6.9184 by midday.
The U.S. dollar has surged against other currencies since Donald Trump won the Nov. 8 presidential election. By midday Friday the dollar was trading at 113.67 yen, its highest level in eight months against the Japanese currency.
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