So this is taken from an answer I posted a few months back but it is very relevant here. What follows is a description of how the flood of Spanish silver onto the European and Asian markets completely transformed both continents. Almost all of this argument comes from 1493 by Charles C Mann.

When the Spanish mines at Petosi opened and began churning out silver the market was absolutely flooded. There was no central bank to help control the flow of silver, the Spanish monarchy simply wanted to buy more stuff and pay for more soldiers, especially in the Netherlands where revolts were becoming more violent and frequent (possibly due to the same Spanish silver wreaking havoc on the price of grain). This same influx of wealth is posited to have caused wars and revolts through out the rest of Europe as well helping to make the 16th and 17th centuries so violent by providing vast amount of wealth which to pay for soldiers whilst making markets extremely volatile, a veritable recipe for disaster. This is not to say that no one was beginning to understand the emerging economic problems but these people were not holding the reigns of power in Spain at the time so there wasn't much to be done.

Now moving on to China at the same time. The Chinese had been using silver as currency for centuries, even millennia by the time the Galleon trade first got started up in the pacific (again, this is almost all coming form 1493, if you want to really get into the nitty gritty read that book). Unfortunately most of the Chinese silver mines had basically been tapped out by around a century before the first Spanish Galleons ever showed up. Well this caused all sorts of turmoil in China as successive emperors attempted to find a solution to this problem which was exacerbated by the fact that as each emperor tried to legitimize his administration he would try to pull in all the existing currency and reprint and stamp it in his own image then render all previous currency worthless. One emperor even starting issuing paper money that could be redeemed for silver that was issued by the government and inadvertently created fiat currency. This didn't last long however when that system began to be abused so it devolved into the same old silver standard.

So here you have this already chaotic and deflated economic situation in china when all of a sudden these Spanish Galleons show up in the Philippines with loads of silver. This leads to Chinese merchants in Manila buying up as much silver as they can which shortly leads to the same sort of inflation in China as it did in Spain. Fortunately the hegemony that the Emperors had on China led to them being able to put some controls on the system by limiting the trade that the merchants could conduct in the Philippines (among other measures, just as much out of greed as of any virtue to stabilize the state). The many merchants of Fujian province were not content with this and essentially created a pirate kingdom within the Chinese State. In fact so much silver was going to China that some scholars (according to Mann) estimate that as much as 2/3 of Petosi silver went to china. Spanish authorities disliked this so much that they limited the Galleon trade to two vessels per year in 1593, it had limited effect though.

I apologize for this segment being brief, especially in terms of Chinese control measures, but I am having trouble finding sources for this on the internet and don't have 1493 with me at the moment. So basically in this instance the answer is kind of. The Chinese recognized the problem but could not do very much to fix it, so they just had to bear the results.