So far this year, Chinese RMB has appreciated 3.1% against the US dollar. But it has depreciated against majority of other currencies (especially the currencies of the emerging market) on trade-weighted basis. 

Marty Feldstein forecast that with domestic inflation rising, China is likely to accelerate the pace of its currency appreciation so to achieve at least two goals: 1) contain domestic inflation through lower import prices of commodities; 2) increase real income of domestic consumers again through lower prices of foreign imported goods.

Link to the full text of Marty's piece.