http://www.slate.com/articles/business/moneybox/2015/08/china_s_devaluation_here_s_why_the_world_has_been_freaking_out_about_the.html

Americans have long been conditioned to mentally tack on the phrase currency manipulator whenever they hear the word China. In the story told by U.S. politicians, the People’s Republic has nefariously held down the value of its money in order to make its manufactured goods cheaper overseas and steal jobs from the West. The trope may be oversimplified and outdated—China’s government has allowed the yuan (otherwise known as the renminbi, or RMB, or the redback) to gradually appreciate against the dollar for the better part of 10 years—but it’s notably persistent.