You mistook my statement --perhaps because I used the word 'float down' in its everyday non-technical sense, and you read the word 'float' as he technical term. I should have instead used the term 'gently go down', as opposed to 'drop rapidly'.
The point is we need the yuan to revalue upwards against other currencies, not the dollar devalue (down) against other currencies as well as the yuan.
But we cannot devalue in anyway with respect to the yuan. The Chinese government forces the conversion rate, that is what this "pegging" business is about. A dollar will cost x amount of yuan no matter what we do. WE can devalue it to the point that they Chinese cannot buy oil, but then OPEC will just switch currencies and we will still be pegged. What has to happen is that the yuan behaves like every other major currency in the world.