1/2
Needless to say I agree with Brad here. The depreciating RMB (which, by the way, is greater in real terms than in nominal terms because of inflation differentials) is simply one of many policies that aim to solve China's demand-side problem with more supply-side support.

2/2
The result is an even greater trade surplus (24% higher this year than last year's all time record) and weaker domestic demand. Most economic policy advisors in China seem now to recognize the problem, even if only informally, but they're unable to change policy yet.