When was the last time the yuan midpoint was this low?

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The yuan midpoint last reached this low on March 18, 2008.

The People's Bank of China (PBOC) set the official yuan midpoint at 7.0835 per dollar on August 28, marking its weakest level since March 18, 2008. This official guidance rate was 25 pips weaker than the previous day's fix.
Weakest Level in Over a Decade

The yuan's official midpoint was established at 7.0835 against the US dollar on August 28. This figure represents the lowest point for the currency's reference rate since March 18, 2008, indicating a significant weakening over an 11-and-a-half-year period.
Stronger Than Market Expectations

Traders noted that the PBOC's official guidance rate for the day was considerably stronger than their own forecasts. The set midpoint of 7.0835 was 192 pips, or 0.27 percent, stronger than Reuters' estimated figure of 7.1027 per dollar.
Perceived Attempt to Slow Depreciation

The market interpreted the official midpoint's strength relative to forecasts as a deliberate effort by the central bank to moderate the pace of the yuan's depreciation. This action suggests the PBOC is attempting to exert some control over the currency's weakening trend.

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When was the last time the yuan midpoint was this low?

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