The US dollar has been supported against the yuan by interest rate differentials, US Treasury yields have firmed again since the very strong jobs data (NFP headline +272K) at the end of last week.

The People's Bank of China set the onshore yuan reference rate at its weakest since January 19 today:

As mentioned in that reference rate link, spot yuan is allowed to trade in a 2% range on either side of the daily midpoint. By raising the mid-point the PBOC allowed USD/CNY to trade higher (ie CNY weaker) in the spot market. The topside limit for today is 7.1135*1.02 = 7.25577. Its since traded close to there and to the weakest for CNY since November 16 2023.

usdcny 11 June 2024 2

The weak yuan is weighing on AUD, circa 0.6594 and almost on its session lows as I update.