While the onshore yuan was not as weak as expected, it was still a new forward benchmark low 9i.e. high USD/CNY rate) since November 11 of last year.
Since the middle rate adjustment, the CNY has lost again:
The PBOC cut its RRR rate slightly at the end of last week:
And then left its benchmark interest rates unchanged:
It looks like the Bank is offering economic stimulus by encouraging the decline of the yuan: