China currency dips to lowest level versus dollar in 8 years

BEIJING (AP) — China’s central bank has set the value of the yuan at the currency’s lowest level against the U.S. dollar in eight years.

The “parity rate” for the yuan, also known as the “renminbi,” or people’s money was 6.9168 on Friday, its lowest level since 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.

Trump has threatened to seek to penalize China and Japan for manipulating their currencies to gain a foreign exchange advantage for their exporters.

China’s Foreign Exchange Trading System allows the yuan to rise or fall a maximum of 2 percent against its parity rate, which is based on a weighted average of prices offered by market makers before trading starts each day. provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

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