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:PBOC sets USD/ CNY reference rate for today at 7.1135 (vs. estimate at 7.2724)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
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