Chineses say there currency is fairly value

Chinese say there currency is fairly valued because they want to be a reserve currency which would mean they made the big time, no longer a small player in world economy scene. But to me there currency seem cheap, undervalued a Yuan is valued last I look at .16 cent per dollar. The U.S Government also thinks the Yuan is undervalued, indeed, with fast track trade bill, many were against because the Yuan is seem as undervalue, meanwhile, the Chinese stock market is going though the roof.
Vice-Chairman of FED Fisher said today interest may go up and U.S Market went down. Fisher is Israeli, indeed, for many years he head the Israeli central Bank, got high make for his leadership. President Obama appointed him to the FED as vice-chairman, which means he's head of the New York FED, which buys and sells the securities, which is main way the FED manipulates the money supply. It should be noted that Fisher's appointed have to be approved by the Senate. Also in the U.K the head of the Bank of England is a Canadian.
The money supply is control by reserve requirements and banks in the U.S have what's called FED Funds, which are overnight loans from bank that have more cash in hand than is needed by the reserve requirements to bank short of cash to meet requirements. The rate tells much of the monetary policy, low rates on FED FUND says the FED has easy monetary policy, a high rate is a sign of tight money. Today the FED FUNDS rate is almost zero I think it's around 0.25.