Yuan falls to lowest since 2008 global crisis, despite state bank support

Chinese one-hundred yuan banknotes. — Bloomberg

SHANGHAI: China's yuan fell on Friday to its weakest level against the dollar since the global financial crisis of 2008, despite attempts by major state-owned banks to stabilise the market.

Sources told Reuters that state banks sold dollars in the onshore foreign exchange market to prevent the spot price from weakening past the 7.25 per dollar level.