The usual balance that has to be made is that an appreciating RMB makes imports cheaper, but makes exports more expensive. Given American tariffs, lack of export pricing power, and dependence on export-related employment, I don't think they have much room to let the RMB appreciate substantially in the near term.

As they get closer to a less export-driven and more consumption-driven economy they should have more room to let the RMB appreciate, but their past and the current record suggests it won't happen any time soon, if at all