China's Long-Term Goal With Devaluing the Yuan

NEW YORK (TheStreet) -- It has been less than a week since China devalued the yuan, and after some initial turmoil, foreign-exchange markets have seemingly settled down as investors and governments may have come to a tentative conclusion about China's motive. Last Tuesday, the People's Bank of China surprised the world by announcing that it is devaluing the yuan by 1.9%. The PBOC said it would set the midpoint of a day's trading range at the closing value from the previous day. Then, the curre...