Yes the immediately impact many people will see is that, given the higher exchange rate, people in China will have improved buying power and can have more activities on the international market as individuals, for example shopping, travelling, and so on.

HOWEVER, it will have significant impact in the near future for each person and the nation as a whole. Because of the raising exchagne rate, Chinese labor will be more expensive and many many big firms, especially those labor-intensive manufacturing companies, will probably re-consider their decisions to set up factories in China and move them to elsewhere - India, for example.

Given that the economy structure of China is still dominated by 1st and 2nd industries, such change will have huge impact to Chinese economy. As a simple example, USA's goods will be more competitive in the international market given a smaller gap in price but a sounds-better quality (may not be the case). Also because Chinese people tend to "spend" money rather than "earn" money in the international market as the result of raising exchange rate, The wealth of our nation tends to flow out. All the above will cause the slow down of Chinese economy, or even cease of development.

As a conclusion, in the current circumstance, there is NO GOOD for China to raise the exchange rate.