China’s yuan is being closely watched as its economy slows and as Beijing remains locked in a trade war with the U.S. that has roiled global markets.

The onshore yuan fell to levels not seen since February 2008 on Monday, and the offshore yuan dropped to its weakest since it began trading in the international market around 2010.

The recent escalation in trade tensions left analysts and investors wondering how much further Beijing would allow the currency to weaken.

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