China apparently believes if one devaluation is good then two might be better.  China is mistaken.  Markets like stability, transparency, and predictability making China zero for three in its continued unilateral devaluation.  Does this signal an impending Asian currency war?  Does it signal a deflation tidal wave headed for Developed Markets?  When Europe was on the verge of deflation the ECB - its independent central bank - had to review its plan with the European Commission and others which took longer, but ended up being market friendly. China's central bank (PboC) is not independent and acts with impunity - and, arguably, recklessly - in its decisions. This has the opposite of the intended effect, thus disrupting markets.

"It is hard to tell where this ends but is raising concerns that China is in a "hard landing" for its economy and markets", says Voya Global.