What's the deal with China?

I feel that this will become a very pertinent issue sooner than later. China is a market waiting to break onto the scene. The government of China has been holding its own currency down and when (not if) they let it loose a flood of foriegn investment will swamp the country. Everyone will benefit from the insane high wealth provides, but then we will forget the lessons of the past and it will all come crashing down on us. Feel free to discuss with me this generalized analysis of the future.