There is correlation between USDCNY and U.S. Treasury Account. Every time Treasury issue new debt (t-bills, t-notes, t-bonds) treasury acount increase. Some of this money come from China. They buy USD, that's why USDCNY rise. Every time Treasury pay debt treasury account reduce. Money come back to China, that's why USDCNY decline.
I guess everyone has listened about US company earning recession, but what does it mean to markets? The less company earn, the less they pay TAXes, the more Treasury issue new debt. Treasury suck the USD from markets.
I anticipate new turmoils in coming months.