Not true, the Yuan was pegged to the American dollar but that ended quite some time ago. It is now based on a basket of currencies and is freely traded. the Yuan is now like the dollar, traders pay what they think is worth.
The Yuan is not free traded.
The exchange rate is very carefully controlled by the government of China. At the moment it is approximately 8.03 to the dollar. That was "freed" from its previous peg among a blizzard of publicity some time ago, but is no more a free exchange rate than it was before.
The only change has been, it is now pegged to a basket of currencies, rather than just the dollar. The Chinese government still decides secretly what the basket is - and changes it very, very, very slowly.
Please stop dreaming about China. Be realistic at least.
We are being played.