It was the other way around. The US pressured China to RAISE the value of their currency. And China did make a token effort; enough to appease the US but not enough to significantly affect trade.
I was in China last year and I was astounded at how cheap things were. A room in a good hotel in one of the smaller cities was 17 bucks, as I recall.
Searching Google News with "China revalue currency" will bring up a number of hits on this topic, here's a recent article from the NY Times, for example:
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