The Chinese yuan fell to its lowest point in nearly eight years on Tuesday, breaking through the 6.85 per dollar level. 

The yuan changed hands at 6.8538 in early morning trade Tuesday. That was its lowest mark since January 2009.

The dollar is closing in on a test of its highest level in almost 14 years. That's as bond yields soared after Donald Trump won the U.S. presidential election, bringing buyers back to the U.S. currency.

The People’s Bank of China set the value of the yuan at 6.8495 to the dollar, down 0.30 percent from Monday’s fix. The yuan has hit a series of six-year lows in recent weeks in the face of the dollar rising on expectations of higher US interest rates.