Correlation is not causation, however, when you have such strong correlations in the market, you must take note of them. That is the case with the US treasury markets and the USD/CNH. Although the markets are watching closely to see if the USD/CNH breaks key resistance near the 7.3800 level, the bond market is carefully watching US yields to see if they break higher out of resistance as well.
If you lay them on top of each other, you will notice the charts have a very strong correlation. That doesn't mean if one breaks (higher), the other would as well. But if one does (yields or USD vs. CNH), I sure would put the other (10-year, 30-year or USD/CNH) on my immediate watchlist.
