The figure says that the Renminbi is dropping vs. the €. But the $ is dropping faster against the € than the Renminbi. Thus, from the point of view of the Renminbi, the € is going up and the $ is going down.

It's like a feather and a rock falling from the top of a tower. From the point of view of the feather, the top of the tower is moving upwards. But since the rock falls faster than the feather, the rock is moving downwards both from the point of view of the feather and the top of the tower. Nothing particularly mysterious about that.

- Jake

Friends come and go. Enemies accumulate.