The Chinese currency weakened to an eight year low against the U.S. dollar on Wednesday. The central bank set the midpoint at 6.8592, 97 basis points lower from last session. This is also the ninth straight day that the Yuan has been weakening.

Markets said the U.S. Federal Reserve's rate hike next month is almost a done deal, adding pressure to the Chinese yuan. But they also said that the forex rate volatility is not unusual during the currency's internationalization, and compared to the currency basket that includes the U.S. dollar, Japanese yen, the euro, and the pound, the yuan's rate remains stable.