14. Based on the chart, which of the following descriptions is correct? a. China has maintained a managed floating exchange rate system over the entire period. b. Chinese currency has steadily depreciated since 2005. c. Chinese had fixed and undervalued exchange rates over 1995 - 2005. d. Chinese currency showed a large appreciation during high growth period of 1985 -1994. e. All of the above. 15. Which of the following interpretations of the chart makes sense? a. An undervalued currency supported China's export oriented growth over 1985 -2005. b. Chinese currency appreciated around the period of the GFC of 2007-2008. c. Chinese currency has become more market determined since around 2015. d. All of the above. e. None of the above