Offshore yuan getting slammed lower after surprise PBOC rate cuts

The People's Bank of China cut the MLF to 2.5% from 2.65 previously:

• PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expected

And cut the reverse repo rate to 1.8% from 1.9% previously

• PBOC sets USD/ CNY reference rate for today at 7.1768 (vs. estimate at 7.2648)

Offshore yuan, CNH, getting sold healivly:

Coming up at the top of the hour, China economic data for July:

• Economic calendar in Asia 15 August 2023 - Data for July from China

I think it fair to have low expectations for these given the PBOIC has cut rates.