The recent appreciation of Canada and Australia currencies suggests that these two countries (raw material producer) will be the major beneficial of a stable Chinese economy in the near future.
China is far from stable.
If the Chinese economy is stable why are 1500 companies halted for trading on the stock exchange? That doesn't happen in countries like the US, Canada, UK, Germany, Australia, Japan. Thats not stable.
As for your foreign exchange argument, oanda.com shows a clear depreciation (not appreciation) of the CAD to the RMB the past 25 months, from $1 CAD buying 5.98 on July 25, 2013 to $1 CAD buying only $4.87 RMB today, approximately a 20% devaluation of the CAD vs the RMB.
The Chinese economy has proven itself to be a giant ponzi scheme. The rapid flow of funds out of China after their stock market crash literally forced the central bank's hand. At least by depreciating the yuan they can make the foreign currency the outflow receives worth less.
China isn't buying more commodities, in general, right now. There was a huge surge before the Beijing Olympics for infrastructure which is now over, and consequently the Chinese buy less. My friend is the Chairman of an Australian company which had a deal with a Chinese state owned enterprise (SOE) to develop a Bauxite resource in Western Australia. The SOE committed to spending $2.5bn on the mine.
Now they are dead broke and want out. First they begged to be let off the hook for free (Chinese generally don't think they need to honor contracts). They created a rumor that there could be a breakup fee of $15m. The Auzzies plan to sue.
Chinese SOEs are the equivalent of the Chinese government. $2.5m to dead broke isn't stable.
The Chinese better be careful what they wish for if they want to be the reserve currency. Look at the mess that created for the US.
As for the world, we have become too reliant on this Chinese house of cards and its collapse is accelerating.
Your analysis doesnt hold water.