Why China alone is worried about devaluation?

the exchange market volatility so that many investors do not understand.
European Central Bank continued to introduce a relaxed stimulus policy,
the global focus of public opinion tends to worry about countries launched based on competitive devaluation of the currency war,
but the euro and the yen do not fall or rise.
The Fed started its ten - year hard - rate hike by the end of last year,
and the dollar has gone down this year.
It is easy to see that most developed economies,
such as the US and Europe,
have obvious devaluation preferences - they try to improve their trade conditions by stimulating their economic growth by lowering their domestic exchange rates.
Against such a background,
why is China alone worried about devaluation? The answer is simple,
worried about capital