22.2 One Hong Kong dollar is equivalent to 10.9143/7.7974 = 1.400 pesos (and 1 peso is equiva- lent to 7.7974/10.9143 .7144 Hong Kong dollar). If the cross-rate was 1.1 pesos per Hong Kong dollar, you could take 1 U.S. dollar, change it into 10.9143 pesos, use those pesos to buy 10.9143/1.1 9.922 Hong Kong dollars, and finally turn those Hong Kong dollars into 9.922/7.7974 1.27 U.S. dollars.