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DirectThe Chinese central bank continued to lower the yuan's benchmark rate to its lowest level in 11 years, following trade disputes with Washington.
The People's Bank of China on Friday set the benchmark currency against the US dollar at 7.0136 yuan, its lowest level since April 2008.
Analysts expected the reference price of the currency of the world's second largest economy compared to the green paper to reach 7.0222 yuan.
The reference price set today by the Chinese central bank is lower than yesterday 's record of 7.0039 yuan to a dollar.
A weak currency helps countries to make their exports cheaper on international markets, and Donald Trump's administration opposes the cheap yuan, as it confers a competitive advantage on Chinese products.
The United States accused China this week of manipulating the value of its currency against the US dollar after the dollar broke through the 7 yuan barrier for the first time since 2008.
Trade disputes between the world's two largest economies have intensified following the decision of US President Donald Trump to impose 10% tariffs on China starting next month.
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