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You observe the following exchange rates for the Chinese yuan (CNY), Swiss franc (CHF), and US dollar (USD): 1CNY=$0.16 1CHF=$1.10 1CHF=6.75CNY After undertaking triangular arbitrage,

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You observe the following exchange rates for the Chinese yuan (CNY), Swiss franc (CHF), and US dollar (USD): 1CNY=$0.16 1CHF=$1.10 1CHF=6.75CNY After undertaking triangular arbitrage, the value of the Chinese yuan should relative to the US dollar and the value of the Swiss franc should relative to the US dollar. depreciate; depreciate appreciate; depreciate appreciate; appreciate depreciate; appreciate

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