It also hurts employees and others paid in that currency.

You do not get wealthier by devaluing you store of value and your trading value.

I thought so, too, but ...

I thought they were supposed to be strengthening the yuan for that to happen.

It is done to devalue the countries debt, and part of the Kanesian (spelling likely off) economic cycle.

Economic Downturn happens
Borrow lots of money to stimulate the economy
Devalue your money through printing, bank lending, minimum wage increase and other methods.
Allow inflationary growth to create a false sense of economic growth (Translate to Happy People)
With a graduated income tax receive the increased taxation on your people without having to pass a law that increases taxation.
When the inflation stops you typically get a period of real economic growth. This boom period keeps people happy and content.
The boom busts, creating a crisis allowing you to do whatever you want in the name of solving that crisis.
Go back to the first point and repeat.

We moved to this model in 1915 and really put it in gear in 1933 in the US. You can go back and track the cycles. Japan started about 20 years before we did, England about the same time.... its the system the whole world is using.

It steals from those who save and gives to those who spend.

At the end of the day the only thing that will stop this financial system is a depressionary economy.

Read "The Death of Money" and it starts to make sense.

Yeah...I would need to mull that over. One could argue that increasing exports would help the rest of the economy. That's been my school of thought, anyway. It certainly has negative long-term impact on the quality of life for the citizens of the nation making such a move. Think about what's really happened to our dollar over time. It does start to look like a race to the bottom, huh? Don't incentivize business...just weaken the currency. (shaking my head)

October's IMF meeting will be quite important. Will the yuan join the list of reserve currencies?

Yes it has been nice. The difference is that Mexico, as best I know, is not purposely devaluing. In fact the Peso has held up pretty well against the Canadian dollar.

At the expense of the rest of the economy. It is a political move.

It's done in an effort to increase exports. It, in spite of the poorly-written article, has nothing to do with Greece.

It was a surprise move as well. I remember a little while ago when their market was dropping and the Government announced steps they were going to take to try and curb the sell off. It appeared like they were panicking. Now this. Wonder what they are up to???