Chinese authorities claim this latest devaluation is simply their effort to let their currency be guided by market forces, something the U.S. and other countries have sought for many years. But the timing and the magnitude of the change suggests China's leaders fear their economy is about to roll over.
So much for last month's U.S.-China Strategic and Economic Dialogue in Washington, which has left U.S. security analysts convinced the United States is getting nowhere with China. This was evident as President Obama expressed concern about China's increasingly troublesome cyber and maritime behavior.
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