China lowers yuan midpoint to weakest since 2008 global financial crisis

China's central bank on Monday lowered its official yuan midpoint to the weakest since the 2008 global financial crisis, reflecting losses in the spot yuan on Friday after Beijing proposed a new national security law for Hong Kong.

The People's Bank of China (PBOC) set the midpoint at 7.1209 yuan per dollar prior to the market open, 270 pips, or 0.38%, weaker than the previous fix of 7.0939. It was the weakest level since Feb. 28, 2008.

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