(Yicai Global) Feb. 9 -- Though the yuan-dollar middle rate hit a two and a half-year high yesterday morning, the yuan-dollar onshore rate dropped significantly at closing for a record 2.5-year single-day drop. 

The on-shore yuan-dollar closing price was 6.3260, down 664 points from the previous trading day, which itself registered a record single-day drop since Aug. 12, 2015. The yuan-dollar middle rate was up 60 points to 6.2822, also reaching a new high since Aug. 11, 2015.

No room for the further dollar depreciation is left, and excessive yuan appreciation may also end, an article appearing today in People's Daily Overseas Edition argues, also noting that dollar-driven yuan appreciation has significantly affected China's economy.

China finally saw a surplus in its exports in last year's third quarter. Significant yuan appreciation will, however, pose serious challenges for China's first-quarter exports.