Yup you said it- it's not a major currency yet, so it's not "competition." ¥ -> BTC != ¥ -> $|€|£ etc. No manipulation of a central bank can effect BTC's value. Not only does yuan get "kept in the system" through govt-regulatable Chinese exchanges, it's not pegged to other nation's currencies, which China hates.

Remember Romney's line about "going after China for their illegal currency manipulations?" Heh.