"If they ever get in trouble then just reset the value of gold higher."
I think you've got this wrong. I don't think China intends to try to control the GP. That is, after all, one of the huge mistakes the US has made. I think they intend to let it find its true market price, which of course will be fixed by the supply demand relationship at any given moment. This will certainly be much higher than at present, enriching countries and private persons owning it.
China will stand in the world market to buy physical gold for oil suppliers who are repatriating Yuan.
Available gold will initially begin to dry up with attendant price rises, making early adopters real winners.
I don't see that China needs to do any more than this to benefit enormously from the escalating GP.
It's simple and elegant. The gold convertibility is all that's required to back the Yuan.
A greatly increased gold price will stimulate gold mining enormously I think there will surprises as to how much in-ground gold will become economic to recover and supply will rapidly increase after a period of around 10 years.
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