China sets yuan midpoint set at weakest level since global financial crisis

China's central bank on Friday lowered its official yuan midpoint to the weakest level since the 2008 global financial crisis, reflecting broad dollar gains as investors sought safety amid the deepening economic fallout from the coronavirus pandemic.

The People's Bank of China (PBOC) set the midpoint rate at 7.1104 per dollar prior to the market open, 109 pips, or 0.15%, weaker than the previous fix of 7.0995, and the weakest since March 6, 2008.