During 2015, China was the world’s biggest exporter of manufactured goods and a significant importer of oil and minerals. China lowered the value of the yuan (renminbi) by $2\%$. According to economic theory, what consequence would this devaluation have caused?
- AChina paid less in foreign currencies for imports.
- BChina reduced its demand for oil and minerals.
- CChina’s exports became less competitive.
- DChina’s trading partners improved their balance of trade with China.