“I don’t see them manipulating their currency down now, but up.”
They have to support their currency, to keep it pegged to the dollar.
They chose to adjust that peg, precisely to offset tariffs - which is what is forbidden by the trade rules.
If China’s economy implodes at some point, a significant devaluation of their currency is likely to be either a major cause, or a major effect.
A lot of things in China’s economy are not really worth what they say, and their currency is one of them.
“Not worth what they say.....” Would that include the many completely empty cities that have been touted to show the “boom” in their economy to the world.
Potemkin empty high rise buildings... and nobody there. Sort of like the empty North Korean town across the river from S. Korea-— totally empty.