Manufacturing momentum in the world's number two economy skidded to a four-month low in June, according to twin surveys released on Friday.
If Beijing really wanted to weaken the currency, the downward moves would be more significant, says Fraser Howie, an independent analyst.
The British pound traded more than 1 percent lower after Mark Carney, the head of the Bank of England, made remarks about the U.K. economy following the Brexit vote.
The central bank will aim to ensure a gradual decline to prevent the sort of capital outflows that shook the economy earlier this year.
The euro and sterling spiked higher, as markets regained some appetite for risk.
Credit Suisse PBWM's John Woods says he will stay overweight on investment-grade dollar-denominated credit until there is further clarity on Brexit.
The U.S. dollar fell against the British pound and the euro as the market took a breather and potential profit-taking.
Sterling fell to a 31-year low against the dollar as a sell-off stemming from Britain's decision to quit the EU gathered pace.
China's economy is big enough to withstand the Brexit and it has a well-balanced portfolio of outbound investments, says Tsinghua University's Li Daokui.
In the wake of a global selloff, Brexit could be changing the market narrative in a big way.
Sterling hit a 2016 high and the euro surged against the dollar and yen after a series of late opinion polls favored Britain staying.
The dollar/yuan pair will head up to 6.8 but there won't be any massive yuan devaluation, says UBS Wealth Management's Dominic Schnider.
The dollar was broadly weaker on Wednesday as risk appetite returned to markets.
Sterling and the euro rose on the last day before Britain's referendum on EU membership, the pound trading just off its highest this year.
China has been opportunistic about adjusting the yuan midpoint lower, but there is no big devaluation ahead, reckons HSBC"s Frederic Neumann.
The dollar tumbled on as sterling surged more than 2 percent and the euro jumped after opinion polls swung in favor of remain.
Sterling rose as traders evaluated whether the killing of MP Jo Cox may alter the balance of opinion on Brexit.
Sterling rallied from a two-month low against the euro, extending gains after British police said British lawmaker Jo Cox died.
The dollar added to earlier losses on Wednesday after the Federal Reserve left interest rates unchanged, as was widely expected.
CNBC's Eunice Yoon reports the MSCI does not believe local Chinese shares are ready to be included in a global benchmark.