The Central Bank of China lowered the yuan to the dollar to a new low from June 30, 2020

The People's Bank of China (central Bank) on Tuesday lowered the renminbi (the official name of the national currency) by 424 points, to 7.0722 per dollar.

This is the minimum value of the Chinese currency against the dollar since June 30, 2020, according to data published on the regulator's website.
The yuan has been weakening against the dollar since March. Then one dollar was worth about 6.35 yuan.
On September 5, the central bank lowered the currency reserve rate for Chinese banks by two percentage points at once, to 6%. This rule came into force on September 15. In May, the People's Bank of China already lowered this indicator by one percentage point, to 8%.
In 2020, under the conditions of a pandemic, the exchange rate declined for several months. On May 29 of the same year, the regulator brought it to the lowest value since February 2008 - 7.1316 yuan per dollar. After that, the national currency began to gradually strengthen against the US and during 2021 was at the level of 6.35 to 6.57 yuan per dollar, writes TASS.