They did, but I believe GP is arguing they did it in the opposite direction as the recent movements. To make sure terms are correct, "Weak" currency means high

They did, but I believe GP is arguing they did it in the opposite direction as the recent movements. To make sure terms are correct, "Weak" currency means higher Yuan:USD conversion rate. Devaluing your currency makes exports more attractive to other countries and tends to create capital inflows (my 1 USD can buy a lot more Yuans, meaning cheaper to buy buildings/business!). "Strong" currency means lower Yuan:USD conversion. Flip above. Looking at the past, there's an odd floor that happens originally at 8.5 in the late 90s and 2000s. Many argued this was intentionally weak to help grow their export economy. Then the rate rose to 6.83 in the late 00s and 2010s. Some argued this was intentionally strong to prevent capital outflows. Since then the rate has been in the 6s and seems to float more naturally until the recent dive into the >7s, indicating a weakening of the Yuan. People always saw 7:1 Yuan:USD as the weakest point China was willing to let their currency fall. So, in the recent past, they're accused of artificially keeping the Yuan strong (esp in the global financial crisis) but now it seems like they're allowing it to devalue naturally. EDIT: for details/grammer