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Exchange rates have become a popular issue nowadays. The US government has been urging the Chinese government to revalue the Renminbi (RMB) in order

Exchange rates have become a popular issue nowadays. The US government has been urging the Chinese government to revalue the Renminbi (RMB) in order to reduce the value of US imports from China. A. Explain how a revaluation of the RMB would affect the quantity of US imports from China. B. Explain under what condition the total value of US imports (in terms of US$) from China would increase due to a revaluation of the RMB. Illustrate your answer in with the aid of a figure.

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