The question of this exercise is to see if we can infer how the Chinese are moving their “adjustable” peg against the dollar. To do so we have to find a “numeraire” currency. Many economists recommend the Swiss Franc or the Australian Dollar, since the

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The question of this exercise is to see if we can infer how the Chinese are moving their “adjustable” peg against the dollar. To do so we have to find a “numeraire” currency. Many economists recommend the Swiss Franc or the Australian Dollar, since the Chinese have stated that neither of these currencies are being used in their peg.

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