China’s move to devalue its currency roiled the markets last week, and stoked new fears about the health of the world’s third largest economy.

However, according to former Rep. Ron Paul, the move may have given Federal Reserve Chair Janet Yellen the cover she needs to not raise rates later this year, as many market participants expect.

“She’s going to be more hesitant to raise rates because she sees how fragile the global economy is,” Paul told CNBC’s “Futures Now” on Thursday.

“She’s under the gun,” he added. “I could be wrong, but I don’t think they are going to raise interest rates.”

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