The Chinese offshore yuan, which trades outside the mainland, traded below 7.1 per dollar on Friday. The onshore yuan weakened to as low as 7.0930 per USD, a new low since March 2008. The People’s Bank of China set its midpoint reference at a fresh 11-year low of 7.0572 per dollar, weaker than the previous fix of 7.0490 but much stronger than market expectations. Since the beginning of the month, the renminbi fell more than 3 percent.