The price of food staplesin nominaldollartermshasmore than doubledsince 2005 although the impact is smallerwhen adjusted for domesticinflationandexchange rates.
Indeed, while their earnings may increase in nominaldollarterms, the very devaluation that Johnson seeks will properly cause investors to dismiss the increase as entirely illusory.
Since 2005, when China started de-pegging gradually from the dollar, the yuan has appreciated around 25% in nominalterms and about 50% in real terms relative to the dollar, according to a report by The Economist.