(Yicai Global) Aug. 22 -- The yuan depreciated significantly against the US dollar today, with China's currency falling to a new 11-year low against the dollar.

The yuan traded as low as 7.0964 intraday, which was the weakest for the redback since March 2008.

At 5.22 p.m. local time, the yuan's onshore spot rate weakened 0.4321 percent to 7.0932 from yesterday's closing price. The offshore rate was 7.0980, down 0.4470 percent from the close in New York yesterday. 

The People's Bank of China fixed the yuan's central parity rate at 7.0490 this morning, also an 11-year fresh low for the redback. Spot rates may swing 2 percent above or below this figure.