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China’s onshore Yuan exchange rate (CNH) has weakened to 7.0736 per US Dollar, the weakest level since March 19, 2008, according to Reuters.  

The offshore exchange rate, as represented by the USD/CNH pair, is currently trading at a nine-day high of 7.0867.  

The Chinese currency has come under pressure a day after the minutes of the Federal Reserve’s July meeting showed the policymakers were reluctant to start a full-blown easing cycle.