Depegging only hurts if it drops as a result. Since the effect of the basket peg is to discount the RMB¥, unpegging would seem likely to increase its US$ or € value.

Of more concern would be a loss of the existing warlords and mandarins of China of the mandate of heaven.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.