I posted earlier on likely moves from the People's Bank of China to slow down the drop for the yuan:

Which is what we have today. While the CNY is weaker, its been set not nearly as weak as was expected:

USD/CNH has dropped (CNH is the offshore yuan, its gained from its earlier lows on the back of the PBOC CNY reference rate today)

usdcnh PBOC CNY reference rate 27 June 2023