This article argues that although it is still far from clear how far the devaluation of the RMB has boosted China's exports, the shifting of production away from China continues. Foxconn announced its project of building a 5 billion US dollar plant in India, and more shoe manufacturers have opened factories in South East Asia.
One must also look at how the devaluation of the RMB may affect working people. This could drive up prices of import goods. With China very much integrated into global capitalism, China is importing a whole range of products, from raw materials, minerals, oil to agricultural products -- China is the world's biggest importer of soya beans. The result of more costly imported goods driving up inflation has a direct bearing on working people and nullifies the rise in nominal wages.