"In the long term, any boost for the Chinese economy is likely to have a positive effect on exports."

China has developed into a major export destination for UK-built cars. "The country's economic growth, coupled with increasing demand for high-quality British premium vehicles, has seen UK car exports to the country increase sevenfold since 2009," Hawes says.

Francois Godement, head of the European Council on Foreign Relations' Asia Program, says the depreciation will make the Chinese market more attractive for European investors because the renminbi will become cheaper for them.

"They can already see the volatility in the market, but having the depreciation now will only make Chinese investment opportunities more attractive. But in the short term, there will be a negative impact for high-end exporters to China," Godement says.

The weaker renminbi makes imports more expensive, and shares fell over concerns about export demand for luxury goods makers.

Shares in Burberry, for instance, fell 4.4 percent in London on Aug 11 and 3.5 percent on Aug 12. The company has around 100 stores in the Chinese mainland, which account for about 14 percent of the company's sales.

The yuan's depreciation is expected to make Chinese exports more competitive while the price of imported goods probably will rise.

Ma Jun, chief economist at the central bank's research bureau, says that the central parity adjustment "does not mean a depreciating trend for the yuan".

"The economic fundamentals can support a stable yuan exchange rate, since China's 7-percent GDP growth is higher than most countries' and is especially higher than the other emerging economies with greater exchange rate fluctuations," Ma says.

A persistent export surplus, large foreign exchange reserves, low inflation, a moderate fiscal deficit and government debt will ensure a stable currency, he adds.

Miranda Carr, head of China thematic research at Espirito Santo Investment Bank, says that the Chinese government has made its financial markets more market-driven, and the devaluation came about as a consequence of market forces.

These pressures include the large capital outflow that China experienced, the slowing economy and the rising US dollar.