The Economist predicts that China will soon feel a strong compulsion to appreciate its currency. may be up to 25%. That would make its exports expensive. And USA happy.
However, when USA felt the pressure of the Japanese imports it could shove & push Japan and the currency was appreciated up to 40%. But Japan was and still is heavily dependent on its mentor the US. That may not be the case with China. China does not need to obey and can decide for itself.
China was appreciating against the dollar, it was depreciating against many other currencies. Have a look at this chart of real effective exchange rates:
Brazil does not like this. It puts tremendous pressure on the Brazilian unemployment and inflation.
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