"To devalue the yuan" means reducing the value or worth of China's currency, the yuan, compared to other currencies. This is usually done by the government to make their exports cheaper and more competitive internationally. Full definition
Investors have largely been privy to the drivers of the summer flu infecting the markets: slowing growth in China, the People's Bank of China devaluing the yuan, and a seemingly confused Federal Reserve here at home. (thestreet.com)
The PBoC devalued the Yuan by 4.50 % against the US Dollar in three consecutive days. (afund.com)
«I don't think the Chinese will devalue the yuan in the near term, but if they were to do it, markets would take it negatively. (cnbc.com)