China has always manipulated its currency. I am amazed when people are surprised when they make a move like this. China will do anything to stay on top for their ruling elite. Devaluation is just one step they will take. Just take a look at what they do, such as ignoring copyright laws, or stealing someones ideas either by hacking or corporate espionage they do not care what others think. It is not that others (countries) don’t do it, it is just they are so blatant about it. If you send something to China to have it made because of cheap labor you can guarantee it will be copied and put on the open as apposed to the black market.
The one thing about China I admire is they do not plan for tomorrow, or next year but look at the future to the next generation. As one of their generals said “We need to find a location for our growing population and the American mid-west would suit our needs”. I was surprised it was published, which was probably a mistake. I would say there is probably a few more just like him who feel the same way…………..