Investors are worried that the rate hike will further devalue the Chinese yuan. However, some believe this is good news for China’s economy in a long run.

The U.S. Federal Reserve’s rate hike is deemed to be a further blow to the Chinese yuan, which has been seeing continuous depreciation for months. But a weakened yuan could be a good news for China’s exports, says Scott Minerd of Guggenheim Investments.

Critics have for years accused China of manipulating its currency to gain an edge in foreign trades. But Minerd says the recent fall of the yuan against the U.S. dollar is simply decided by the market. The yuan’s fall is also the natural cooling down of a currency that has been heating up in the past five years.

Discounted—that is how Minerd describes Wednesday’s rate hike. He says in the face of inflation in the U.S., and the quantitative easing approaches by the EU and Japan, the global interest rating remains low.