iven the following exchange rates, calculate the percentage change in the USD value relative to the Chinese yuan (CNY) in 2020. January 1, 2020: 7.05 CNY/USD December 31, 2020: 0.1608 USD/CNY Pick the closest answer from the choices below. A. USD depreciated 11.8% relative to Chinese yuan in 2020. B. USD appreciated 13.4% relative to Chinese yuan in 2020. C. USD depreciated 13.4% relative to Chinese yuan in 2020. D. USD appreciated 11.8% relative to Chinese yuan in 2020.
iven the following exchange rates, calculate the percentage change in the USD value relative to the Chinese yuan (CNY) in 2020. January 1, 2020: 7.05 CNY/USD December 31, 2020: 0.1608 USD/CNY Pick the closest answer from the choices below. A. USD depreciated 11.8% relative to Chinese yuan in 2020. B. USD appreciated 13.4% relative to Chinese yuan in 2020. C. USD depreciated 13.4% relative to Chinese yuan in 2020. D. USD appreciated 11.8% relative to Chinese yuan in 2020.
Chapter4: Exchange Rate Determination
Section: Chapter Questions
Problem 31QA
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Question
Given the following exchange rates, calculate the percentage change in the USD value relative to the Chinese yuan (CNY) in 2020.
January 1, 2020: 7.05 CNY/USD
December 31, 2020: 0.1608 USD/CNY
Pick the closest answer from the choices below.
A. |
USD |
|
B. |
USD appreciated 13.4% relative to Chinese yuan in 2020. |
|
C. |
USD depreciated 13.4% relative to Chinese yuan in 2020. |
|
D. |
USD appreciated 11.8% relative to Chinese yuan in 2020. |
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