CNY is higher than the initial breakout which caused mass panic among the macro tourists on TV. Instead all eyes are on the hapless Fed Chair who shall be known as the man who crashed equities markets. Equity markets will get spooked regardless whatever Powell decide to do. A hold means money's too tight, a full blown rate cut program means an acknowledgment that fundamentals are in the gutter. Jackson Hole is just another step closer to the end game which the bond markets have been signalling for ages. Wakey wakey for folks still buying equities.
Back to the USDCNY, it is a breakout so it is going to go higher. As previously mentioned, the bid ask spread between the US and China in this trade war is too far apart and the FX is an adjustment mechanism to the tariffs especially when the Chinese have been keeping the RMB artificially STRONG.