8/25/2020 International Monetary System - Solutions - 20208 - ... 9. In December 1994 the government of Mexico officially changed the value of the Mexican peso from 3.2 pesos per dollar to 5.5 pesos per dollar. What was the percentage change in its value? Was this a depreciation, devaluation, appreciation, or revaluation? Explain. Initial exchange rate (peso/$) 3.20 Re-express as $ per peso (We're looking at price changes in the peso, so we need to price the peso like we price gasoline: dollars per peso and dollars per gallon) 0.3125 Yan rosate New exchange rate ($ per peso) 0.1818 per YunHIS Yuan New exchange rate (peso/$) 5.50 Help 2.30 Percentage change in peso value (dollar price of one peso) -41.82% IA 4040 A 212510.3125 = 41.82%