What happens if China raises interest rates?

Its usually pretty simple to figure out what happens to most currencies when a particular central bank raises interest rates. That currency usually rises. However, since the Yuan is not a floating currency in the sense we are all accustomed to, I'm wondering what do you think the effect of an interest rate hike on the Yuan will produce?

USD positive or negative?
EUR positive or negative?
YEN positive or negative?
GBP positive or negative?
CHF...CAD...AUD... etc.

Any opinions?

BTW...in the interest of full disclosure...I am currently holding a EUR/USD long and wondering if this will effect my trade positively or negatively.

Well, there are currently worries that China's monetary policy will slow down growth, so I think a rate hike could be risk-off -> CHF and JPY positive, EUR, AUD, CAD, NZD, GBP negative. But the Kiwi is pretty strong lately, I wouldn't look for shorting the currency. Look for the weakest currency to short it against a safe-heaven.

It wouldn't make sense for China to raise their interest rates dramatically since their economy live and die on exports. If it ever comes to that point, it will essentially be a de facto decoupling from the US dollar.