Current yuan to dollar exchange rate dropped to 7.2256 yuan per dollar. This is the lowest level in 14 years, reports RBC. The offshore yuan-dollar exchange rate has fallen to a record low of 7.2577 yuan per dollar since China began trading the currency in 2010.

The People’s Bank of China sets reference exchange rates for the yuan daily. On Tuesday it set the yuan-dollar exchange rate at 7.0722 yuan. This was the lowest since July 2020. The exchange rate of the yuan, which is traded in mainland China, is controlled by the NBK and can deviate from the reference rate by no more than 2 percent in either direction during the day. In Hong Kong and Macau, the CNH offshore exchange rate to foreign currencies may vary without restrictions.

The Chinese yuan to dollar exchange rate today fell to its weakest level since the 2008 global financial crisis amid persistent dollar appreciation against major currencies and fears that China is weakening support for its currency.

The yuan has fallen more than 4 percent against the dollar this month and may post its worst performance in a year since 1994, the publication estimated. China’s currency is under pressure as the country’s monetary policy diverges from U.S. policy, leading to capital outflows.

Earlier we reported on history low for the pound British.