I've asked this question few times. If you devaluate by 10%, your export must go up by 10% to break even or otherwise it would be foolish move. Will exports always go up in proportion? Will we all be start buying more Chinese goods because they are 2% more cheaper? I think it's all speculation. Economists are basically trying out all the knobs at their disposal to see if it works and if it doesn't then they will rollback the change in a month or two. The general wisdom that devaluation helps exports makes sense only when market has room to grow by falling prices.