China lowers yuan midpoint to weakest since 2008 global financial crisis

SHANGHAI — 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.

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Tom Hogue)