With respect to "China's reaction is more panic-driven", check out the following three charts of US Fed policy which I would argue were "panic-driven" based upon magnitude of the intervention when compared historically.
It remains to be seen to what affect recent US Fed policy will do long term, however, I would argue that it was definitely a panic driven reaction.
I provide this not in support of China's policy but for context.
It remains to be seen to what affect recent US Fed policy will do long term, however, I would argue that it was definitely a panic driven reaction.
I provide this not in support of China's policy but for context.
Excess Reserves https://research.stlouisfed.org/fred2/series/EXCSRESNS
Overnight Rate https://research.stlouisfed.org/fred2/series/FEDFUNDS/
Federal Reserve Balance Sheet https://research.stlouisfed.org/fred2/series/WALCL