a) Comment in no more than 500 words on the exchange rate movement of each of the two chosen currencies (i.e., the United States Dollar and the Turkish Lira) over the time period shown and make any comments as to possible explanatory causes you believe may have contributed to any noticeable patterns, peaks or troughs in the diagrams shown. Note* While Covid-19 certainly had some impact on exchange rates, it must be remembered that this was a relatively recent event (2020 -2022). Your discussion should therefore be inclusive of the entire 5 years shown on the graphs.

Background Information The daily movement of the United States Dollar (USD) in terms of the Chinese Renminbi (CNY) is shown below in Figure 1 for the period 25 Jan 2018 to 23 Jan 2023. Here the term USD/CNY can be interpreted to mean 1 United States Dollar is buying number of Chinese Renminbi's. Therefore, as at 25 Jan 2023, using the diagram below, 1 United States Dollar was buying 6.78394 Chinese Renminbi. Figure 1: USD/CNY Source: Developed from US Dollar to Chinese Yuan Renminbi Exchange Rate Chart I Xe The daily movement of the Turkish Lira (TRY) in terms of the Chinese Renminbi (CNY) is shown in figure 2 for the period 25 Jan 2018 to 23 Jan 2023. Here the term TRY/CNY can be interpreted to mean 1 Turkish Lira is buying number of Chinese Renminbi. Therefore, as at 23 Jan 2023, using the diagram on figure 2, 1 Turkish Lira was buying 0.360919 Chinese Renminbi. Figure 2: TRY/CNY Source: Developed from https://www.xe.com/currencycharts/?from =TRY\&to=CNY