I see what you're saying about China keeping its capital account closed amidst expanding its sovereign debt. But I don't understand how the Yuan can be devalued sufficiently to allow for that, without causing a CPI inflationary spiral which would undermine the 'soft landing' and wreck the growing middle class. There is a point when devaluing the Yuan will backfire. I think that is Trump's play, to goad China into devaluing the Yuan too far.