You’d have to think that if China went into some kind of deflationary collapse, that it would negatively effect the economy of the US plus other countries in the world … and then if they were imploding they’d be really pumping out the fiat money.
If this was going on I don’t think there’s any chance of the US tightening towards normal interest rates. (of course we know that’s unlikely anyways)
What happens when they start selling their US debt? Would they try to utilize their gold stash?