I'm not an economist, but my impression is that if the Chinese currency is allowed to float, the major effect is that they would begin to import more goods from

I'm not an economist, but my impression is that if the Chinese currency is allowed to float, the major effect is that they would begin to import more goods from abroad and that their exports would be less competitive. But what would China import that they are not already importing? Personally I would rather see the rules about local ownership of businesses open up so that foreign people can actually freely do business in China. Now that China is not a super poor country anymore, it seems fair. And this way they can keep their currency devalued as there is still a way for trading partners to use it to their advantage, while the majority of the advantage remains with China