China's central bank on Monday lowered its daily yuan reference rate to the weakest level since the 2008 global financial crisis.

According to Reuters on Monday, the People's Bank of China put the yuan fixing at seven-point-1209 per dollar prior to the market opening. This is 270 pips, or point-38 percent, weaker than the previous fixing. 

It marks the weakest level since February 28, 2008.

The move comes after the currency hit a seven-month low in onshore trading amid rising tensions with the United States. 

The U.S. has strongly criticized Beijing for its handling of the coronavirus outbreak and moving to introduce a national security law for Hong Kong.