20 years ago, ‘The Economist’ started comparing the price of a Big Mac in various countries around the world.
In addition to being a comparison of the cost of doing business in a country, the index indicates which currencies are under and over valued.
Using this yardstick, China’s yuan is the cheapest currency. Most rich-world currencies are overvalued against the dollar, including the euro (by 22%) and the Swiss franc (by 53%). The Japanese Yen appears to be undervalued by 33% until Purchase Power Parity is taken into account. But that is a topic for another blog posting!
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