China got it right

Remember what happened a year ago?
China shocked financial markets with a sudden devaluation of the renminbi, cutting it by 3% against the dollar over the course of five trading days.
That helped drive a $4 trillion market rout, with global stock indexes dropping by 10% in the aftermath.
The devaluation was widely seen as a sign that the Chinese economy was in a much worse state than anyone had previously believed.
"It was not the currency move per se that concerned market participants, but rath