Harvard economics professor Kenneth Rogoff and many serious economists have argued that

(1) the trade inbalance is not caused by high Yuan, but caused by the strength of US economy/consumer demand.

(2) Yuan appreciation will not help US trade deficit, because other Asian countries have similarly low labor cost.

(3) It is hard to predict whether Yuan will appreciate for sure, once liberated. Because the market forces (and China's high inflation) most often pushes exchange rate randomly wondering around.

(4) Since it is not in China's interest, it will not happen as 1980s in Japan.