Maybe yes, maybe no. From the Financial Times:
China could accelerate its plan to reform its controversial currency regime because of mounting international pressure, the head of the country’s central bank admitted at the weekend.
Zhou Xiaochuan, governor of the People’s Bank of China, said that the government was still working on the “sequencing” of a potential policy change, but acknowledged that encouragement from abroad could result in a quicker decision.
“If there is more pressure from outside, it may force us to speed up our reform,” said Mr Zhou, speaking at the Boao Forum for Asia on Hainan, an island in southern China.
But if you dig a little deeper, it sort of sounds like the same old same old.
Mr Zhou stressed that there was no timetable yet for a change in policy. “We have a very clear target in this regard, but we have our own sequence,” he said. “We are doing some preparation, for example the reform of the financial sector, to enlarge the role of the foreign-exchange market.”
Another leading Chinese official speaking at the weekend conference said investors should not expect a large appreciation in the currency...
Wei [Benhua, deputy chief of the State Administration of Foreign Exchange] also said that the government had not decided on a timetable for changing policy. “We will positively but prudently accelerate the process of reform of the renminbi exchange rate regime step by step and the timing will be well chosen,” he said.
And some are beginning to warn that an appreciation of the Chinese currency is no silver bullet for the current account deficits in developed countries. According to Wei:
“If we adjust a little bit it will not contribute a great deal to reducing the trade deficit with the US,” he added.
There is also this, from a related article in the Wall Street Journal Online:
But some economists, looking at the post-World War II economic history of Japan, are now arguing that letting the yuan float won't necessarily alter the trade balance, the Journal reports. They reason that while a stronger currency may give Asians more buying power, it doesn't mean they will spend more.
UPDATE: Mark Thoma takes note of a related Bloomberg report.