They exchange rate here is about 7.66 RMB/$, but that has little to do with how much items are worth. The cost of items is much cheaper than in the US. A quick meal from a "fast food" place or from a convenience store costs the equivalent of about 5-6 RMB or $0.60. A nice shirt costs 50 RMB or $7-8 that normally would cost $25-30 in the US.
Isn't Purchasing Power Parity great? (Note: that link goes to a wikipedia page which is blocked in China. That is not great)
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