That would simply be China doubling-down on an already unsustainable policy. They can try it, but the problem is that it floods their own markets with currency and spikes inflation.
Also, with their launch of the gold/petro backed currency a little while back, it becomes very difficult to do this and keep parity between their own internal currencies, which would begin to exchange at radically different rates. Of course… that actually works out well for everyone as the 'trade war' between the U.S. and China devalues China's fiat currency and drives businesses onto the 'closer-to-money' currency that was just launched.
. . . and why would China want to do that?