Chinese government buying up foreign companies before they devalue yuan by 50%. makes sense.
I think it would be maximum of 20% devaluation. But if we look at the numbers, 20% devaluation would put it back to USD to CNY @ 7.8, this is 2006 / 2007 numbers. This is right before the financial crisis.
Since then China GDP have grown 4x!!! 4X
In that sense I don't think CNY were ever properly valued.