...and why are Chinese banks lending to foreign nations? They don't have enough investment grade or better domestic debtors to issue credit to so they have to look beyond their borders.
Yeah, I think it's unfortunate news... for China.
The US doesn't need China to devalue the dollar, we do it just fine all by ourselves by electing policy makers who tell the fed to keep hitting that print button. I dunno I'm no armchair global economist, a devalued dollar equates to less foreign investment, so the dollars tend to stay within the US. We might even benefit by cutting back on our imports as a result of a weak dollar.