Is it possible to understand why China is making the link between the RMB and the dollar more flexible?

"Two trends have appeared that will definitely persist:
− China’s economic policy will seriously try to substitute household consumption for exports and speculative real estate investments as the growth engine;
− growth in Asian countries (and the Pacific) is set to remain higher than growth in OECD countries (United States, Europe) for a long time to come, which means that intra-Asian trade will become increasingly important compared with Asian exports to the United States. Trade with other Asian countries will therefore be increasingly important in China.
The first development reduces the importance of the exchange rate for China’s economic policy; the second development means that China is likely to be more interested in the stability of the RMB's exchange rate against other Asian currencies than in its stability against the dollar, which will lead to significant variability in the RMB’s exchange rate against Asian currencies. At a time when the reduction in the US external deficit with China is likely to make the question of a revaluation of the RMB less sensitive in the United States, China is making its exchange-rate regime more flexible in a perfectly normal way, according to the above. However, we should not necessarily expect a systematic appreciation against the dollar as a result."
Natixis Flash Economics 321 20100623