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Many experts believe that the Chinese currency should not only be devalued against the U . S . dollar as it was in July 2

Many experts believe that the Chinese currency should not only be devalued against the U.S. dollar as it was in July 2005 but also be devalued by 20% or 30%. What would be the new exchange rate value (CNY/USD) if the yuan was devalued an additional 22% from its initial post-revaluation rate of 8CNY/USD? Please round your answer to 2(two) decimal points (e.g.,8.76).

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