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I'm not current on the statistics but my understanding was that at the moment there is a flow of real goods (and services?) from China to America.

If that assumption is reasonable, it is difficult to describe a situation in China where the customers get worse off due to reduced exports without the leadership going crazy (like shutting down all their factories and everyone sitting at home sulking instead of selling their goods locally at a discount). If they pretend the American dollar is the be-all-and-end-all they will get into trouble, but it is hard to see why they would do that.

I'd speculate the situation would be OK for any shareholders in China, where any on-paper drops would be countered by improved real access to stuff, and probably bad for shareholders in America where on paper drops may as well be real. Of course, real life is so complicated it is who can even guess?

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