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what exchange rate does that imply between the two currencies? 2.7 Peso Changes. In December 1994, the government of Mexico officially changed the value of the Mexi- can peso from 3.2 pesos per dollar to 5.5 pesos per dollar. What was the percentage change in its value? Was this a depreciation, devaluation, appreciation, or revaluation? Explain. 2.8 Dollar Peg for Hong Kong. The Hong Kong dollar has long been pegged to the U.S. dollar at HK$7.80/S. When the Chinese yuan was revalued in July 2005 against the U.S. dollar from Yuan8.28/$ to Yuan8.11/$ how did the value of the Hong Kong dollar change against the yuan? 2.9 Renminbi Revaluation. Many experts believe that the Chinese currency should not only be revalued against the US. dollar as it was in July 2005, but also be revalued by 20% or 30%. What would be the new exchange rate value if the yuan was revalued an addi- tional 20% or 30% from its initial post-revaluation rate of Yuan8.11/$? 2.10 Ranbaxy (India) in Brazil. Ranbaxy, an India-based pharmaceutical firm, has continuing problems with its cholesterol reduction products price in one of its rap- idly growing markets, Brazil. All product is produced in India, with costs and pricing initially stated in Indianneed help with question 2.9

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