8 I Don't Knows - China's Devaluation

My last blog post was on my 10 Educated SWAG's, I mean Guesses on China's Devaluation.

Here is stuff I wonder about.

1. What impact will the devaluation have on capital outflows from China? Will it increase it, or decrease it? What is causing the outflows?
   
2. What will China's devaluation have on properties in the US?
   
3. Will the devaluation cause inflation or deflation in China?
   
4. Will the devaluation cause inflation or deflation in the US?
   
5. What impact will China's devaluation have on the Chinese economy?
   
6. How much further will China devalue their currency? Currently at 4.5%.
   
7. Will China's devaluation lead to a currency crises, as happened in 1997?
   
8. Will this devaluation hurt or help the Yuan becoming a reserve currency?