Does China's 2.5 Percent Inflation Rate Really Explain the Decline in the Value of Its Currency Against the Dollar?

In an article on the decline in the Chinese yuan against the dollar the NYT gave as one explanation:

"Inflation has begun to tick upward, and rising prices tend to make holding the relevant currency less attractive."

That one really doesn't seem plausible to me. In the most recent data, China's year over year inflation rate was 2.5 percent, virtually identical to the U.S. rate. If we look to 2019, the I.M.F. actually projects China's inflation rate will fall slightly to 2.3 percent, a hair lo...