Steve's barking; China devalues it currency and imports to China from the U.S. Stays the same?

Today and yesterday China devalued it currency.
The U.S. Markets seem to think it's a terrible thing.
The Chinese consumer has less money to spend on imported goods.
Maybe, maybe not.
Let's say that when all is said and done China devalues it's currency by 5 percentage.
This year wages in China go up 5 percent or perhaps a little more.
The Chinese consumer feels good about his paycheck, psychology he or she's inclined to spend a little more. Because wages and and currency devaluation are a wash, the cost of import goods stay the
same.
Businesses profits appear to be going up, so,the need to,buy more equipment to keep up,with demand, borrowing dollars from the government, buying more factory equipment from exporting countries. If this is true then this is a good thing for all.
Now I have no way of knowing if my hypothesis is true, only the China government knows why they really devalue their currency, and if their anything like the U.S government their not even sure.