The People's Bank of China eviscerated the onshore yuan setting today:
That translates to a PBOC cut to the CNY reference rate by 448 points, biggest since June, and sending CNY to its lowest since February of 2008.
Check that post out for the huge injection of funds in open market operations today also.
The offshore yuan dropped to a record low against the USD on the fixing.
To the extent that a weaker currency is supportive of China's export industries it's a step up in China's aggressive economic war with the US (and everyone else).
USD/CNH:
ADDED - China state banks are in the market offering USD/CNY.
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