Updated: Aug 14, 2019
Is each Bank of China intervention in stopping the slide of the Chinese Yuan Renmimbi having less effect? Could they lose control of the 'peg' to the $US? Or, are they intentionally, though now more slowly devaluing their currency in the face of increased tariffs on Sep 1?
In respect to prices in the US, it doesn't really matter. In respect to our exports to China, it will definitely increase prices and likely cut sales to them.
In respect to prices in China, it matters a great deal as they will feel the decrease in not just corporate profitability, but also in prices increases for all of their imports - and food is one of their most important imports.
Food as a portion of the average Chinese budget is greater than 20% of their spending, a little inflation there goes a long way in decreasing the ability to buy anything else.