Eli5 Why is the value of the Chinese Yuan small compared to other countries (excluding US) even though it has the second largest economy in the world?
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The media often muddies the water – I have seen many articles this week about how the ruble is now “worth less than a penny”. Ok… what was it before? With no other reference point, I think many people would create the (false) reference of 1 ruble = 1 dollar prior to its decline. Even odds the person writing the article didn’t quite grasp the concept either.
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