The US manages the value of its currency indirectly but the market sets the price. China controls its currency value by fiat (well, beyond a small currency market in HK), but must still do the same indirect management to avoid carry trade issues.
What makes the RMB inappropriate for international trade is that it isn’t fully convertible like the US dollar is.
What makes the RMB inappropriate for international trade is that it isn’t fully convertible like the US dollar is.