The Chinese yuan (CNY) was revalued in July 2005 against the U.S. dollar from CNY 8.28/USD to CNY 8.11/USD. During this period the Hong Kong dollar (HKD) was pegged to the U.S. dollar at HKD 7.80/USD. What does the revaluation of the Chinese yuan per dollar mean for the percentage appreciation or depreciation of the Hong Kong dollar relative to the Chinese yuan?

a. The Hong Kong dollar depreciated relative to the Chinese yuan with 2.10%.

b. The Hong Kong dollar appreciated relative to the Chinese yuan with 2.05%.

c. The Hong Kong dollar depreciated relative to the Chinese yuan with 2.05%.

d. The Hong Kong dollar appreciated relative to the Chinese yuan with 2.10%.