Benjamin Franklin U.S. 100 dollar banknotes and a Chinese 100 yuan banknote with the late Chinese Chairman Mao Zedong are seen in this picture illustration in Beijing, China, January 21, 2016. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - China’s yuan opened at its weakest level against the U.S. dollar in more than eight years on Thursday, as the dollar surged to 14-year high after the Federal Reserve raised interest rates as well as rate hike projections.

The yuan opened at 6.9350 per dollar, its weakest since June 2008.

In a closely watched decision on late Wednesday, the U.S. central bank raised the target federal funds rate by 25 basis points to between 0.50 percent and 0.75 percent.