Probably the later choice. I mean we do owe China trillion of dollars and I just heard something about we weren't gonna pay back. If that is the case the rate would probably change, but not in a good way for the USD.

Hasn't the rate been 6.3 for a few months now?

The rate has been around 6.3 for a few months now, revolving around 6.39 down to 6.31. 
According to economists, the Rmb should appreciate in nvalue vs dollar another 20 to 30 %, inn the near future we will see an exchange rate somewhere in the high 4 or low 5 range.  Near future should be around 2 to 3 years.

last month it was 6.34 that's a good jump