Nice article. The problem is when.

RMB is already over valued comparing to USD. It's not extremely over valued yet. The trade surplus is the driving force to push RMB higher. As RMB raises more and trade surplus disapears, the RMB can crash in bad case.

Many people take a popular view that the USD are junk, and fled to other currencies for safy. They are kind of right on the first part - USD is junk, but they missd the second part - other currencies are much worse. RMB had being abused by the goverment for long time.

I am not sure when will the bust happen. My gut feeling is when the USD:RMD reaches 1:5, the crash will be near.