| The papers called Beijing's surprise devaluation an "escalation of currency wars", with some stating the move was "best seen as a distress signal from Beijing". Some analysts said China's devaluation was a move to boost exports because it was losing control of its economy.
Practically speaking, a few percent decline in the renminbi will have very little consequence on China's competitiveness, a point that was later echoed by China's policymakers. Mind you, China's currency did not weaken in isolation, hence China did not achieve any gains in terms of competitiveness...............................................Full Article: Source
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