On July 21st, 2005, the Chinese government changed the value of the yuan from 8.28 yuan per U.S. dollar to 8.11 yuan per U.S. dollar. One effect of this change should have been

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When the value of the yuan changes from 8.28 to 8.11 per U.S. dollar, it means that the yuan has appreciated in value relative to the U.S. dollar. As a result, Chinese goods should become more expensive in dollar terms, and American goods should become less expensive in yuan terms, leading to an increase in the dollar price of Chinese goods.

On July 21st, 2005, the Chinese Government Changed the Value