Seven
When I worked in Beijing, the exchange rate was 8.2. It stayed at that rate until August 2005, and then began to adjust downward. Today a US dollar only buys 7 yuan. That's a 15% devaluation in the space of less than 2 years, and I can't imagine a money market ad on TV or in the WSJ making the case that the yuan is a better investment than real estate ... but it is.
