Oh boy. Honestly, I’ve been angry about this since Nixon went to China. The answer is just stop doing business with the ChiComs. But that is of course an entirely different issue.
As far devaluation, it certainly does depend on whose numbers your reading and whether you are looking at the dollar in comparison to a particular currency like Sterling, euro, or Canadian dollar for example or if you are choosing a different constellation of items by which to reckon “its horoscope”.
I’m not looking at other currencies; I’m looking at trade imbalances.
Where you have a rising trade imbalance (i.e. more imports from said country than exports to them)...you typically have a currency imbalance.
Drop the value of your currency versus that country’s currency to reduce imports (or the rate of increase in imports) from them to help cure that imbalance in trade.