Well, that didn't take long, a couple of days.
On Thursday morning, China's central bank set the rate for the renminbi at 6.5646 to the dollar, its lowest point in almost six years.
"People are worried about whether they are using currency depreciation to stimulate growth," said Steven Sun, head of China Strategy and Hong Kong and China equity research at HSBC.
Well, D'oh!!!! Of course they are. Just as every slave/indentured economy, China depends on being able to export to Blue States, worldwide. To the extent that the US kills off its Blue States, China's only option is to crater its currency to keep pace with Blue States diminishing buying power. Quants and pols (esp. of The Right) never want to admit that motive and incentive trumps (hehe!) data whenever they conflict.