Observing the recent (6 months) development of CNY and EUR to USD (source finance.yahoo.com) we can see, that CNY (Chinese yuan traded inside China, where CNH is Chinese yuan traded outside China) is depreciating less than EUR (4,69% to 6,74% per 6 months). It is still not substantially proved, than Chinese government is reacting on lower performance of the economy, as it is more probable, that it is only holding a position between two biggest export partners - US and EU (holding wast majority of export).
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