This qualitative case study of one teacher preparation program uses Asian critical race theory to examine Chinese bilingual preservice teachers' (N = 102) raciolinguistic ideology discourse in their reflections on using translanguaging pedagogy. Thematic analysis in daily logs, lesson reflection papers, and exit tickets indicated two contrasting findings: (1) When the exchange value for (White) English language is privileged, translanguaging pedagogy is used for differentiated translations and to seek affirmations shaped by raciolinguistic ideology. (2) When the use value for Chinese languages and cultures is prioritized, translanguaging pedagogy is used for culturally and linguistically sustaining practices as well as the elicitation of ethnolinguistic funds of knowledge among participants and their emergent bilinguals. This study argues that if and when translanguaging pedagogy is used critically, bilingual teachers can promote culturally and linguistically sustaining practices, mitigating issues of inequity in the process of (trans)language curricularization.