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Devaluation of the Yuan

Dear all,

We have been bombarded since Monday with news regarding to the devaluation of the Yuan. As far as I know they are doing this to strengthen their market. I know that this is for the benefit of China, but what I do not understand is how it is possible to reach a third day of devaluation without anyone saying something about it. Aren't there some regulations regarding the currencies? Is there an international authority figure that can prevent them to do this?

I also read that the other Asia Currencies are dropping rapidly since the devaluation started.

Can please someone help me with that? Is it a good thing or will it have a bad effect on the global economy?

Here are some of the articles I read:
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