PBOC devalues Yuan by most since June 2016

A weaker Yuan is China's answer to Trump's trade war. 

The People's Bank of China set the Yuan midpoint rate at 6.7671 today – up 605 pips from the previous day's fix of 6.7066. This is the biggest single day devaluation of CNY since June 2016. 

The massive CNY drop could hurt the AUD, proxy for China and Asian currencies.