China is a bit weird, they have the option of devaluing in a big chunk, eg that drop in 2016. These days the yuan is more market driven and efforts to manipulate it are indirect via dollar trading and interest rates. However, those bigs changes are lot more scarier than smaller movements with moments.

7 was considered a line in the sand that the government wouldn’t cross. Now that they crossed it, no one knows where the line in the sand is.