<p>China's currency yuan (or renminbi) has <a href="https://www.bloomberg.com/quote/USDCNY:CUR">plunged</a> to 7.03 a U.S. dollar, a level not seen since March 18, 2008. The exchange rate between the two currencies has weakened by over 2%. </p> <p>The yuan has dropped to 4,157-day lows after the People's Bank of China (PBoC), the country’s central bank, set its daily <a href="https://www.forexlive.com/news/!/pboc-sets-usd-cny-reference-rate-for-today-at-vs-friday-at-68996-20190805">reference rate</a> for the currency at 6.9225, the lowest rate since December. <br /> <br /> <img class="alignnone size-medium wp-image-34734" src="https://www.theblockcrypto.com/wp-content/uploads/2019/08/image-9-736x450.png" alt="" width="736" height="450" /></p> <p>Bitcoin’s price since then has risen by nearly 5% and is currently trading at around $11,561. <br /> <br /> The PBoC has reportedly fixed the reference rate as an answer to U.S. President Donald Trump’s <a href="https://www.bloomberg.com/news/articles/2019-08-05/china-s-offshore-yuan-tumbles-past-7-per-dollar-to-record-low?utm_medium=social&amp;utm_source=twitter&amp;cmpid%3D=socialflow-twitter-markets&amp;utm_content=markets&amp;utm_campaign=socialflow-organic">tariffs</a> decision. Trump has decided to levy a 10% tariff on an additional $300 billion in Chinese imports from Sept. 1.</p>