“We were wronged.” This remark comes from a senior official of Central Bank of China after the surprise devaluation of the yuan ended up wiping off $5 trillion off global stock markets in August. In defence of the central bank action, Yao Yudong, head of the bank's Research Institute of Finance and Banking, was quoted by Reuters as saying:"China's exchange rate reform had nothing to do with the global stock market volatility, it was mainly due to the upcoming US Federal Reserve monetary policy move.”