While the onshore yuan was set not as weak as expected it was still a fresh low fore refernce rate 9i.e. high USD/CNY rate) since November 11 last year.
Since the mid-rate setting CNY has lost further:
The PBOC made a small cut to its RRR rate late last week:
And then left its benchmark interest rates unchanged:
It looks like the Bank is providing some economic stimulus by encouraging the yuan to drop: