The so-called "Chinese miracle" startet in 1992 and led to an average growth of GDP at 10 percent for 30 years. The growth is in particular built on cheap credit, from foreign investors and state controlled banks.
This transcript from president Bush's unofficial visit with chairman Deng in 1989 illustrates what was brewing: A Sino-US relationship based on "mutual trust" and mutual scepticism to Soviet Union. Deng specificallt pointed his finger towards Japan and tzarist Russis/Soviet Union as "the two countries [that] had done the greatest damage to China".
Bush played along and said:
"So the China-U.S. relationship must stand on its own feet. After that we can talk about the broad challenges that face all of us because of changes in the Soviet Union, the unification of the European common market in 1992, and the Third World debt. We can discuss these problems. But I was anxious to come as President to make the relationship stronger and better. I can guarantee that in my Administration our bilateral relationship will be stronger and better."
It's interesting to note that finance, currencies or the dollar aren't mentioned at all, although it's every reason to assume that this was a major underlying issue.