Many economists in the region argue for a more flexible currencysystem, starting with a Kuwait-style currencybasket, so interest rates can reflect the realities of a region with a very different economy from America's.
Among others, Benjamin Graham and Friedrich von Hayek advocated a basket of commodities, the latter within the context of a system of private currency.
It would be unwise for China to float the yuan until it has cleaned up its banking system, but it could repeg against the dollar at a higher rate and shift to a currencybasket, which is what the government has said it would like to do.