The Chinese do not have a trade surplus. If fact their trade accounts are about even between imports and exports. The Chinese import large quantities of raw materials from all over the world. The are very negative in their trade balance with the rest of the world. Only with the USA do they enjoy a large trade credit.
Table 8: China's Top Export Destinations, 2010 ($ billion) Source: PRC General Administration of Customs, China's Customs Statistics Rank Country/region Volume % change over 2009 1 United States 283.3 28.3 2 Hong Kong 218.3 31.3 3 Japan 121.1 23.7 4 South Korea 68.8 28.1 5 Germany 68.0 36.3 6 The Netherlands 49.7 35.5 7 India 40.9 38.0 8 United Kingdom 38.8 24.0 9 Singapore 32.3 7.6 10 Italy 31.1 53.8 Table 9: China's Top Import Suppliers, 2010 ($ billion) Source: PRC General Administration of Customs, China's Customs Statistics Rank Country/region Volume % change over 2009 1 Japan 176.7 35.0 2 South Korea 138.4 35.0 3 Taiwan 115.7 35.0 4 United States 102.0 31.7 5 Germany 74.3 33.4 6 Australia 60.9 54.1 7 Malaysia 50.4 55.9 8 Brazil 38.1 34.7 9 Thailand 33.2 33.3 10 Saudi Arabia americans should stop whining and produce goods that china wants. take a look at the numbers japan, australia , germany and brazil are running trade surpluses with china. https://www.uschina.org/statistics/tradetable.html
Chinese government is NOT in business to make money on US treasury, it is in business to keep Chinese labor pool obedience for exporting, and Chinese government has done wonderful job to contain inflation within China. If you aren't in China, you don't have anything to worry about.
Offshore, the yuan rose against the dollar in both the nondeliverable forwards and spot markets, tracking the onshore market. One-year dollar-yuan nondeliverable forwards fell to 6.2680/6.2730 from 6.2920/6.2970 late Thursday, implying a 1.9% rise by the yuan against the U.S. currency over the next year. In the offshore yuan market in Hong Kong, where the Chinese currency floats freely, the dollar-yuan exchange rate was at 6.3825 late Friday, down from 6.3877 late Thursday.
The forex cross is a ratio of macro-economic factors between countries: everything from political policies to living standards. The Yuan will never reach parity with the USD until the economies are indistinguishable from each other, including salaries and import/export regulations.