Agreed, and if the Dollar does lose its reserve currency status, we will see manufacturing return to the US at an amazing rate. China can’t have it both ways: it cannot become a world player and keep the Yuan pegged to the Dollar. The Yuan will eventually float, and when that happens, Chinese goods will become really expensive here.
In order for the manufacturing to return the tectonic social changes are needed, like to establish the whole new class of proletariat, willing to work long hours for food.