In November 2018, the People's Bank of China (PBOC) pledged to "keep the master gate of money supply under control" as the Chinese economy transitions from a "high speed growth" to a "high quality growth" economy (see 2018 Financial Stability Report on China). Therefore, to avert an overheating of its domestic money market, China in the long term, will reduce the growth rate of domestic money supplypermanently. Monetary conditions in the US are unaltered so that US inflation remains constant. Suppose the relative purchasing power parity holds. How would China's reduced growth rate of money supply affect the CNY/USD exchange rate path if the exchange rate and prices were fully flexible? Explain your answer (10 Points).