Not without also trashing it for those in China using it as a store of value, and not without the cost of price instability being imposed upon anyone selling/buying goods with the currency during the process.
You can if every thing they want to buy is made in your country.
The US can't half the value of the dollar to boost exports because everything in Walmart that is made in China will double in price.
China can because everything it's people want to buy in GreatWall-Mart is already made in china. As long as the government steps in to subsidize imported fuel the people wouldn't notice as long as they didn't travel - and you don't want them to travel anyway.
But I suspect less so in china than the US. I doubt that a major part of the Chinese diet is exotic fruit flown half way around the world out of season.
China does have oil reserves and could always 'spread democracy' to some 3rd world country if it needed more.
