http://beforeitsnews.com/news/82/290/How_to_profit_from_the_coming_collapse_of_China.html from the article: 2. Buy long out of the money put options on the Yuan ETF- Investors worldwide are making large bets that the Yuan will revalue and gain value versus the U.S dollar. Ironically, this intensifies the potential of a Yuan crash, since the presence of so much speculative funds is going to overweight Chinaâs foreign exchange reserves. If China decides to let the Yuan float, it may go up initially but once foreign investors take the money out of the country once the revaluation has been done, the flow of capital will drain China holding of FX reserves since it will need to sell them in order to prevent a Yuan collapse, and to save the banks(See: The Next Black Swan- A Yuan Devaluation ).
I also strongly disagree because it could also be Up then down, or down then up! There are four cases- two were missing