Wouldn't the Fed be the home of U.S. currency devaluation?
Understood, but Chinese Stock Exchange doesn't issue U.S. currency.
Chinese currency devaluation distorts import/export. If they devalue their currency, their products become relatively cheaper. This makes their products more attractive and increases their exports carving out more market share.
Devaluing currency can also help government debt payments if they're fixed. If I contract to pay you a fixed amount in the future, I can pay you in devalued money that does not have the purchasing power when the agreement was made.
You're welcome
http:// snapdna.com/wp-content/uploads/2016/12/2016.SnapDNA-overview.pdf