According to what we learned in class, the change in the exchange rates from the above two questions means that: November 2003 Exchange rate is RMB 8.2770/ USD and November 2008 exchange rate is RMB 6.8254/ USD. (Hint: Note that it is RMB/USD not USD/RMB in FRED, there is a general convention in currency pair. Be careful with the notation and the meaning. Think about how many USD one RMB can buy and how many RMB one USD can buy in different years.) In November 2008, the U.S. dollar's value relative to the RMB is greater than in November 2003 In November 2008, the U.S. dollar's value relative to the RMB is lower than in November 2003