I think in the current context of global economy, especially with the recession in EU, North East Asia countries and maybe also in US, whenever the FED will raise the rate, they need to consider deeply with the other economics and currencies, especially Chinese Yuan (CNY). So once again just in my opinion, even FED raise rates 2 times this year, they may already calculate that how stronger USD for US and global economies. I mean the USD might be stronger after raising rates but still weak in general (in compare with few years ago) to boost the US economy (to deal with the frequent devalue of other currencies such as CNY) and (may be) global economies.
May I remind you that I'm not the analyst and hope it could satisfy your query.
As I told you that actually I don't understand much about economic and financial issues. For your question, I think (as I heard and read from somewhere) that maybe China will need to continue devalue its CNY to deal with its internal economic - social - political issues and also for its goal to be the most superpower country in the world (and then China will have more power to drive the world). As you may know that China has been the biggest exporter of goods to the world so keeping CNY in low value will be better to this biggest exporter.
To the US economy (and also to the world), lower CNY means more Chinese goods export to the US market and then this may cause more jobless in US too.
I don't know where you are living Creaker, but if you're living in the US so you may understand this much more than me. All I know is just from reading and hearing.
Nice to have a interesting discussion with you.