How does devaluation of Chinese currency affect the US? The world?

We live in a globalized economy. That's been one of my major beefs with the whole political conversation that's happened over the last 6-8 years. The US economy no longer stands or falls on its own merits. A Chinese currency collapse would have problems for us all over the place.

That said, it may actually be a good thing long-term. China tightly controls its currency (bad thing) and this is a sign that they're MAYBE going to start letting their economy grow and shrink without constant direct intervention.

We could seize the opportunity to pay a large portion of our debt at the currency exchange rate.

But apparently I may have been incorrect in my original post. Here is an article from Foreign Policy for a more in-depth look.

https://foreignpolicy.com/2015/08/11/china-currency-devaluation-global-race-to-the-bottom/?utm_source=Sailthru&utm_medium=email&utm_term=%2AEditors%20Picks&utm_campaign=2015_EditorsPicks_Aug11