The table below shows the observed level of inflation in the United States, three other nations, and the overall eurozone for the 12-month period from November 2020 to November 2021 . Also shown are the observed exchange rates versus the US dollar at the end of 20 , November 2020 and beginning value minus 1, i.e., $1.130/$1.1901=5.04%. For all the other indirectly quoted exchange rates, the rate of change is beginning/ending - 1 , e.g., for Chinese yuan 6.576/6.3641=+3.33% Match each exchange rate to its observed real rate of appreciation or depreciation over the 12-month period ending in November 2021. Japan (USD/JPY) China (USD/CNY)