Beijing Sets Currency to Weakest Level Since 2008 as Trade War Deepens

A Chinese bank employee counts 100-yuan notes and US dollar bills at a bank counter in Nantong in China's eastern Jiangsu province on August 6, 2019. STR/AFP/Getty Images

After the United States designated China as a currency manipulator, the Chinese regime on Aug. 8 set the official reference rate for its currency to the lowest level in more than a decade.

China’s central bank, the People’s Bank of China (PBOC), set its official midpoint below the 7-yuan-per-U.S. dollar threshold—to 7.0039 yuan per dollar—for the first time since the global financial crisis in 2008.