Looking at long view, devaluation by china which is 2% weaker against the dollar

which is largest Yuan depreciation for 20 years.

Three reasons can be for devaluation of Yuan:

Boost export
GDP growth
Exchange rate ( to become more market oriented)

But from above reasons the major reason which is considered that caused
devaluation is export.
In my point of view export is not among the major reason for devaluation but the
following three reasons are for devaluation:

The US Federal Reserve may raise rates in the short term and the devaluation
is a defensive move.

Beijing needs to adjust the overvalued yuan since it had risen by 10.3
percent, adjusted for inflation, against all currencies since early 2014.

China is hoping the International Monetary Fund will include the yuan in its
special drawing rights basket by December, so the devaluation is a way of
showing the world a more flexible exchange rate system in action.

Consequences:
Asian currencies have been negatively impacted the most due to the perceived risk
of an future currency war. Economies could compete against each other to have the
upper hand in elevating export volumes and price value.
Falling commodity prices among sluggish growth expectations in the Chinese
economy have had a spiraling effect on Latin American currencies as well. A
devalued yuan will have negative consequences on Chinas imports, many of which
are sourced from major South American countries. Crude prices have also been
adversely impacted due to slow growth coupled with higher cost of crude imports
for the Chinese economy.
Middle East countries are thus under pressure resulting from the developments. The
US dollar index has been affected unfavorably by the yuan devaluation, which goes
against the ongoing talk towards hiking the US benchmark interest rates. Developed
countries thus have benefited in terms of their currencies with respect to the US
dollar, the exception being commodity currencies like the Australian dollar and the
Canadian dollar, which depreciated against the US dollar.