China causing Currency War
Okay, in layman's words, devaluing yuan (against USD) means, Chinese made goods are cheaper in USD. On the other hand, American made goods are expensive in China as a result. China wants to keep its export competitiveness and may want to keep its 'world's factory' status. Well, South Korea may as well want to use a similar strategy to make domestically produced export goods competitive, similarly, other aisan governments considering devaluing their currencies. There would then be a currency war... hope this is as simple as you wanted to see.