The People’s Bank of China set the reference rate stronger than expected for the onshore yuan again today:

Offshore yuan, CNH, initially followed a little higher (see the linked post above) but has since truend right around and dropped rapidly:

The People’s Bank of China’s moves to steady the yuan have been effective, but its not stopping traders from selling yuan rallies.

Part of the reason is the PBOC on an easing path while the Federal Reserve is still expected to raise rates.

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• Source: https://www.forexlive.com/centralbank/offshore-yuan-has-weakened-after-the-pboc-set-the-cny-stronger-again-20230705/