The renmimbi has lost about 3 percent of its value since the People's Bank of China announced a 1.9 percent devaluation against the strong U.S. dollar on Aug. 11, followed by the establishment of a more flexible system to guide the rate from one day to the next. The develuation, which has been the biggest one since the mid-1990s, and the more market-oriented approach of China's monetary authorities could give a small boost to the country's exports of apparel, which fell by 4.4 percent in the first seven months of this year. It should also make Chinese footwear factories more competitive with those in Vietnam, which are attracting new manufacturing contracts from the bigger brands following the start of negotiations on a Trans-Pacific Partnership with the U.S. and the conclusion of a Free Trade Agreement with the European Union. After the crash of the Shanghai stock exchange a few weeks earlier, Yue Yuen and other major producers of athletic and outdoor shoes saw their stock market value go up after the Chinese Central Bank's unexpected moves.