The Chinese economy has slowed down from its huge, almost continuous high growth. When that happens, it buys fewer commodities hurting countries like Australia. In an effort to stimulate growth and make its products more attractive, China devalued its currency. This will make it easier for China to sell its products and increase foreign investment. The downside is that their imports will cost more.
The US dollar will gain strength as people put their money in the safest place they can. This however hurts American exports, which become more expensive.
The bottom line is that the US is no longer the engine of the global economy. China is.
This has got to be bad for jobs. I am only coming out of the mess in 07, having retrained in nursing. Now ALL sectors of the workforce will be more competitive (bully for my FRiends who Are ready to hunker down and work past their retirement) What if there is no work to be had?