The Chinese yuan is at a record low against the dollar

Yuan/ Photo Archive

China's yuan currency has hit a new record low against the rising US dollar, it says The BBC. The yuan traded on the international market fell to its lowest level since the data first became available in 2011.

China's domestic currency also hit its weakest point since the 2008 global financial crisis.

It comes as the dollar continues to rise in value against other major currencies after the US central bank raised interest rates again earlier this month.

In addition to the yuan, other Asian currencies also fell. Japan's Nikkei, Hong Kong's Hang Seng and South Korea's Kospi fell more than 2% in the stock market.

China's central bank is trying to slow the yuan's decline by making bets against the currency more expensive. The People's Bank of China also reduced the amount of foreign currency held by banks.

Many investors see the dollar as a safe place to put their money during tough and troubled times.

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