<p>I think you should think like this. </p><p>The parity is approximately right. </p><p>The reason for the puzzle is: Most currencies in the world are rapidly appreciating against USD. So prices of imported products from countries other than US will rise. Moreover, chinese export will actually increase as the RMB is in fact depreciating against most of the other currencies. </p><p>For the US, as RMB is appreciating much less than the others, importers in US will inclined to buy chinese products. </p><p>To conclude, chinese products expanded in all countries. In US a little, but in other countries a lot.</p>
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