Problem: Last March, I had lunch at McDonald's in Chengdu, China. I paid 13RMB for a double cheeseburger, fries, and soft drink. The exchange rate was 1 U.S. dollar = 6.818RMB. Did I get a good deal?
The current exchange rate is 1 U.S. dollar = 6.46RMB. Has the RMB appreciated or depreciated against the dollar? If the RMB price of my lunch remained at 13, would I get a better or worse deal today than I did in March?