Does it really work that way? lol....There's been a surge of
consumption demand by China in recent years and heavy foreign
investment which contributes to their own inflation. And it's not
so much of US printing money to devalue their currency, they have
no choice. Their economy, investments, technology and labour takes
so much USD to sustain, not to mention maintenance of military all
over the world.
Economics
101 
Basic
econonomic theory teaches us that if the supply of a good
increases, and nothing else changes, the price of that good will
decrease. If the supply of a country's currency increases, we
should see that it takes more of that currency to purchase a
different currency than it did before. Suppose there was a
big jump in the supply of the Canadian dollar. We would expect to
see the Canadian dollar become less valuable relative to other
currencies. So the Canadian-to-U.S. Exchange rate should
decrease, from 67 cents down to, say, 50 cents. Each Canadian
dollar would give us less American dollars than it did before.
Similarly, the U.S.-to-Canadian exchange rate would increase from
$1.49 to $2.00, so each U.S. dollar would give us more Canadian
dollars than it did before, as a Canadian dollar is less valuable
than it used to be.
http://economics.about.com/cs/money/l/aa022703c.htm
Now
say hypothetically US Central Bank maintains the old exchange
rates, won't that be importing inflation into USA?
5. Conclusion
In recent
years China has faced an increasing trilemma—attempting to pursue
an independent monetary policy and limiting exchange rate
flexibility, while at the same time facing large and growing
international capital flows. We argue that China’s current account
surpluses and foreign direct investment inflows, and occasionally
large non-FDI capital inflows, combined with the objective of
limiting exchange rate appreciation, have the potential to
compromise China’s monetary policy goal of limiting
inflation.
Times are bad
http://www.frbsf.org/publications/economics/papers/2008/wp08-32bk.pdf