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Big Mac Index 2026 vs the BIS Trade Basket

The Big Mac says the Taiwan dollar is about 60% too cheap, while the BIS real trade-weighted rate puts it within 3% of its 2020 level.

  • No. 1: Taiwan dollar
  • 10 places

01Final list

The leading AIs built their own top-ten lists independently. Above is one combined result that is easy to check: every place has a reason, the AIs that included it and, where the AIs gave one, a source.

Order: from most to least AI agreement.

A bright badge means this AI put the entry on its list. A dim badge means it did not.

  1. 1

    Taiwan dollar

    The Big Mac says 60% undervalued, while the BIS real rate was 97.77 in July, about 2% below its 2020 level. The two gauges disagree by 56–58 points, the widest on the list.

    Included it: Claude, Meta, Grok, Kimi, DeepSeek. Did not include: ChatGPT, Nemotron, Wenxin.

    In their lists: Claude: 1 · Meta: 1 · Grok: 5 · Kimi: 1 · DeepSeek: 2

    What each AI noted 5
    • Claudeplace 1

      The Big Mac says it is 60% undervalued, while the trade-weighted real rate is within 3% of its long-run level, a 58-point gap.

      Source ↗
    • Metaplace 1

      Big Mac NT$78 = $2.42 second-cheapest, -59.6% undervalued, yet REER 100.74 Jan 2025 almost exactly 100

    • Grokplace 5

      Big Mac implies >60% undervaluation while effective rates have been nearer fair value.

      Source ↗
    • Kimiplace 1

      A 56-point argument: the Big Mac says the Taiwan dollar is 59.6% too cheap; the BIS basket says it is almost exactly at par (96.5).

    • DeepSeekplace 2

      Taiwan’s currency is 59.6% undervalued on the Big Mac but only 2.23 points below fair value on the BIS REER — a 57-point gap.

    5 AIs put it here
    Source ↗
  2. 2

    Indian rupee

    By the Big Mac the rupee is 59–61% cheap, but the BIS real rate is only about 10% below 100 (90.37 in July). The gauges are roughly 49–51 points apart.

    Included it: Claude, Meta, Grok, Kimi, DeepSeek. Did not include: ChatGPT, Nemotron, Wenxin.

    In their lists: Claude: 3 · Meta: 2 · Grok: 9 · Kimi: 3 · DeepSeek: see list

    What each AI noted 5
    • Claudeplace 3

      The rupee's burger is 59% cheap, but its real basket rate is only 10% below 100, a 49-point gap.

      Source ↗
    • Metaplace 2

      Maharaja Mac proxy 58.9% undervalued Jan 2026, but REER near 100 after BIS weights

    • Grokplace 9

      Big Mac implies deep undervaluation (~59%) while the REER gap from 100 is narrower.

      Source ↗
    • Kimiplace 3

      A ₹190 burger is 61% 'cheap' in dollars, but the rupee's real trade-weighted value is only 10% below baseline — the widest gap in the big economies.

    • DeepSeek

      Named differently in its own list: open the full list.

      see list
    5 AIs put it here
    Source ↗
  3. 3

    Swiss franc

    The Big Mac's most overvalued currency, +45% (July) to +48% (January). The BIS real rate is 100.65, right at its 2020 level, so the gauges are 44–48 points apart.

    Included it: Claude, Meta, Grok, Kimi, DeepSeek. Did not include: ChatGPT, Nemotron, Wenxin.

    In their lists: Claude: 4 · Meta: 10 · Grok: 6 · Kimi: 4 · DeepSeek: 3

    What each AI noted 5
    • Claudeplace 4

      The Big Mac makes the franc 48% overvalued, while the real trade rate shows it at its long-run level (100.65).

      Source ↗
    • Metaplace 10

      Switzerland $9.08 burger +48.4% overvalued, $9.04 July = 45% over, REER also high - gauges agree

    • Grokplace 6

      Big Mac shows +45% overvaluation while the REER is elevated but not by the same margin.

      Source ↗
    • Kimiplace 4

      The Big Mac's perennial champion at +48% 'overvalued' — while the BIS basket says the franc is at fair value (99.9), the smallest reading since March 2025.

    • DeepSeekplace 3

      The franc is the world’s most overvalued currency on the Big Mac (+45.4%) but its BIS REER is almost exactly at its long-run average (100.65) — a 44-point disagreement.

    5 AIs put it here
    Source ↗
  4. More about the top three ↓
  5. 4

    Chinese yuan

    The Big Mac says 37–40% undervalued, but the BIS real rate is 91.8–92.7, only 7–8% cheap. The gap is about 29–33 points, as the yuan gained 5% on the dollar this year.

    Included it: Claude, Meta, Grok, Kimi, DeepSeek. Did not include: ChatGPT, Nemotron, Wenxin.

    In their lists: Claude: 5 · Meta: 7 · Grok: 3 · Kimi: 8 · DeepSeek: see list

    What each AI noted 5
    • Claudeplace 5

      The Big Mac sees the yuan 40% undervalued, while the BIS real rate is 7% below 100.

      Source ↗
    • Metaplace 7

      China Big Mac 25.5 CNY = $3.66 undervalued 40.2%, REER ∼100

    • Grokplace 3

      Big Mac implies ~37% undervaluation while the REER has been closer to or above 90–100.

      Source ↗
    • Kimiplace 8

      Big Mac says 37% undervalued; the trade-weighted inflation-adjusted yuan sits at 91.8 — cheap, but barely a quarter as cheap as the burger claims.

    • DeepSeek

      Named differently in its own list: open the full list.

      see list
    5 AIs put it here
    Source ↗
  6. 5

    South Korean won

    Both gauges say cheap: the Big Mac −39%, the BIS real rate 83–90 depending on month and source. They are 22–28 points apart, after a rise of about 8% on the dollar this year.

    Included it: Claude, Meta, Grok, Kimi, DeepSeek. Did not include: ChatGPT, Nemotron, Wenxin.

    In their lists: Claude: 7 · Meta: 5 · Grok: 2 · Kimi: 9 · DeepSeek: see list

    What each AI noted 5
    • Claudeplace 7

      The won is 39% cheap in burgers and 14.5% cheap in real trade terms, even after rising about 8% on the dollar this year.

      Source ↗
    • Metaplace 5

      Won still over 30% undervalued by Big Mac despite drop to 1,300 range, PPP 916.40 vs market ∼1,360

      Source ↗
    • Grokplace 2

      Big Mac shows ~37% undervaluation while the REER is near 85–89.

      Source ↗
    • Kimiplace 9

      A ₩5,700 Big Mac reads 38% undervalued, but the won's real basket is only 10% below baseline — and the won just had its strongest dollar close in two years.

    • DeepSeek

      Named differently in its own list: open the full list.

      see list
    5 AIs put it here
    Source ↗
  7. 6

    Brazilian real

    The Big Mac says 23–27% cheap, while the BIS real rate says 16.5–18.9% expensive. The gauges point in opposite directions and are 40–46 points apart.

    Included it: Grok, Kimi, DeepSeek. Did not include: Claude, ChatGPT, Meta, Nemotron, Wenxin.

    In their lists: Grok: 10 · Kimi: 7 · DeepSeek: 1

    What each AI noted 3
    • Grokplace 10

      Big Mac shows roughly −24% to −25% undervaluation while the REER has fluctuated nearer its long-run average.

      Source ↗
    • Kimiplace 7

      The burger says Brazil is cheap (-23%); the BIS basket says the real is 16.5% ABOVE baseline — the most expensive currency in the Americas by REER.

    • DeepSeekplace 1

      The real is overvalued by 18.9% on the BIS REER (118.89) but undervalued by 27.3% on the Big Mac — a 46-point disagreement.

      Source ↗
    3 AIs put it here
    Source ↗
  8. 7

    Malaysian ringgit

    The gauges give opposite verdicts: the Big Mac says 43–45% undervalued, while the BIS real rate is 105–106, above its 2020 level. They disagree by 48–51 points.

    Included it: Claude, Kimi. Did not include: ChatGPT, Meta, Grok, Nemotron, DeepSeek, Wenxin.

    In their lists: Claude: 2 · Kimi: 5

    What each AI noted 2
    • Claudeplace 2

      The two gauges point in opposite directions. The Big Mac says 45% undervalued, while the real trade rate sits 6% above its long-run level.

      Source ↗
    • Kimiplace 5

      Burgers say 43% undervalued; the BIS basket says the ringgit is 5% ABOVE its baseline and rising (+3.4% y/y) — the gauges point in opposite directions.

    2 AIs put it here
    Source ↗
  9. 8

    Thai baht

    The BIS real rate of 97.72 is near its 2020 level. The Big Mac reading is disputed, −30% in one source and −42% in another, so the gap is 28–40 points.

    Included it: Claude, Kimi. Did not include: ChatGPT, Meta, Grok, Nemotron, DeepSeek, Wenxin.

    In their lists: Claude: 6 · Kimi: 6

    What each AI noted 2
    • Claudeplace 6

      The baht is 30% cheap by burger but only 2% below its history on the trade basket.

      Source ↗
    • Kimiplace 6

      A 42%-cheap Big Mac against a basket (97.7) that is basically at baseline — and the two gauges have never disagreed more about Thailand.

    2 AIs put it here
    Source ↗
  10. 9

    Norwegian krone

    The Big Mac shows the krone 23–29.5% overvalued, while the BIS real rate is about 101–102, near its 2020 level. The gauges are 22–27 points apart.

    Included it: Claude, DeepSeek. Did not include: ChatGPT, Meta, Grok, Nemotron, Kimi, Wenxin.

    In their lists: Claude: 9 · DeepSeek: 9

    What each AI noted 2
    • Claudeplace 9

      The Big Mac shows the krone 23% overvalued, while its real trade rate is almost exactly 100.

      Source ↗
    • DeepSeekplace 9

      Norway is 29.5% overvalued on the Big Mac while its BIS REER sits just above 100 (102.02), a 27-point gap.

      Source ↗
    2 AIs put it here
    Source ↗
  11. 10

    Hong Kong dollar

    Pegged at 7.80 to the dollar. The Big Mac says 48% cheap, while the BIS real rate is 104.28, about 52 points apart. Only one answer reports it.

    Included it: Kimi. Did not include: Claude, ChatGPT, Meta, Grok, Nemotron, DeepSeek, Wenxin.

    In their lists: Kimi: 2

    What each AI noted 1
    • Kimiplace 2

      Pegged to the dollar and 48% 'undervalued' by burgers — yet its BIS basket sits ABOVE par at 104.3, a 52-point split.

    1 AIs put it here
    no source given

02More about the top three

The ranking is above. Here is more about the three places at the top: what they are, why they are here, and what is worth knowing.

The Big Mac figures are a percent over or under the US price, but the BIS figures are an index around 100. Readings also come from January and July, so the gaps are rough.

1Taiwan dollar

No. 1 — Taiwan dollar. On the lists of 5 of 8 AIs; median place there: 1. Its burger looks about 60% too cheap, yet its trade-weighted rate sits near normal, the widest split between the two gauges.

Did you know

  • The New Taiwan dollar was first issued in 1949. Even so, the silver yuan stayed Taiwan's legal currency for years, and the new dollar was only the de facto money people used.

    Source ↗
What it is
Taiwan's currency, the New Taiwan dollar, in use since 1949.
Its edge
Its two gauges disagree most: 56–58 points apart.
Who should know
Useful for anyone who wants to see why one burger price can mislead about a currency.
  • Big Mac vs BIS gauge gap56–58 points apart
  • HeadquartersTaiwan

Wikipedia · Wikidata

Why it is here

  • In January 2026, Taiwan’s currency was 59.6% undervalued by the Big Mac measure—the deepest undervaluation in the 2026 comparison. — (voice only)

    Source ↗
Did you know

  • The new dollar replaced the old Taiwan dollar at 40,000 old dollars to one new dollar. The aim was to end the runaway inflation linked to the Chinese Civil War.

    Source ↗
Keep in mind

  • Taiwan's central bank says exchange rates come from supply and demand in the currency market. It says they can't be judged by the price of one product. It pointed to a 2016 iPhone index with a different result.

    Source ↗

Video: 10 NTD New Taiwan Dollar - Value and History · Dennis Acosta

Compare the top three ↓

2Indian rupee

No. 2 — Indian rupee. On the lists of 5 of 8 AIs; median place there: 3. Its burger looks about 59% cheap, but its trade-weighted rate is only about 10% below 100, a gap of about 50 points.

Banknote of india
Reserve bank of India, Adithya pergade ( talk ) 16:06, 25 June 2018 (UTC) · GODL-India · Wikimedia Commons

Did you know

  • The rupee sign was approved by India's Union Cabinet on 15 July 2010. It was picked from five shortlisted designs. It is based on the Devanagari letter 'ra', and its two top lines suggest the flag and an equals sign.

    Source ↗
What it is
India's currency, the rupee.
Its edge
Its gap is smaller than Taiwan's but still huge: 49–51 points.
Who should know
Useful for anyone wondering why a cheap local burger doesn't prove a cheap currency.
  • Big Mac vs BIS gauge gap49–51 points apart
  • HeadquartersIndia

Wikipedia · Wikidata

Why it is here

  • The January 2026 Big Mac comparison put the Indian rupee at 58.9% undervalued, almost level with Taiwan’s 59.6%. — (voice only)

    Source ↗
History

  • In 1991, an external payments crisis pushed India to cut the rupee’s value in two steps, on July 1 and 3. The Reserve Bank says this helped open the way to a more flexible exchange rate. — (voice only)

    Source ↗
Keep in mind

  • The index doesn't account for the difference in labour and other costs in the US and elsewhere. So a cheap burger in India doesn't prove the rupee is cheap by the same amount.

    Source ↗

Video: How Far Will the RBI Go to Defend the Rupee? The $80 Billion Question | Indian Express Special · The Indian Express

Compare the top three ↓

3Swiss franc

No. 3 — Swiss franc. On the lists of 5 of 8 AIs; median place there: 4. The Big Mac makes it the world's most overvalued currency, yet its trade-weighted rate is right at its 2020 level.

Did you know

  • On 15 January 2015 the Swiss National Bank suddenly dropped its 1.20-francs-per-euro floor. The franc jumped about 29% against the euro, and the bank also cut its deposit rate to -0.75%.

    Source ↗
What it is
Switzerland's currency, the Swiss franc.
Its edge
It is the only one of the three that looks too expensive, not too cheap.
Who should know
Useful for anyone who wants to see how rich-country prices can inflate the Big Mac reading.
  • Big Mac vs BIS gauge gap+45% overvalued (July)
  • HeadquartersSwitzerland

Wikipedia · Wikidata

Why it is here

  • Switzerland had the highest Big Mac overvaluation in the January 2026 comparison: 48.4%, ahead of Uruguay at 43.1%. — (voice only)

    Source ↗
Keep in mind

  • Rich countries pay higher wages, which lifts burger prices. The Economist's adjusted index factors in GDP per capita. After that, the franc is only 8.1% overvalued, pushing it down to the 11th most overvalued currency.

    Source ↗

Video: Don't Short the Swiss Franc: Julius Baer · Bloomberg Television

Compare the top three ↓

The top three side by side

Taiwan dollarIndian rupeeSwiss franc
In the AIs' lists5 / 85 / 85 / 8
Big Mac vs BIS gauge gap56–58 points apart49–51 points apart+45% overvalued (July)
HeadquartersTaiwanIndiaSwitzerland
Put first byClaude, Meta, Kimi——

Places with the same number of AIs are ordered by their average place in the AIs' own lists.

More ratings

03Worth knowing

What the AIs noticed while building the list.

The Big Mac mostly prices non-traded costs such as wages and rents, while the BIS rate tracks the traded economy. That is how the franc can be 45% 'overvalued' by burger yet sit near 100 on the BIS index.

Noticed by:
Included it: Kimi, DeepSeek. Did not include: Claude, ChatGPT, Meta, Grok, Nemotron, Wenxin.
Source ↗

Several currencies get opposite verdicts from the two gauges: the Big Mac says cheap but the BIS index says expensive for Malaysia, Brazil, Hong Kong and Australia (−7% vs 115.08), and the reverse for Sweden.

Noticed by:
Included it: Claude, Kimi, DeepSeek. Did not include: ChatGPT, Meta, Grok, Nemotron, Wenxin.
Source ↗

The BIS index's 100 is its 2020 base, not fair value. BIS itself says the index level alone does not show over- or undervaluation.

Noticed by:
Included it: Claude, ChatGPT, Kimi. Did not include: Meta, Grok, Nemotron, DeepSeek, Wenxin.
Source ↗

Big Mac figures shift with the edition and the source: the US price was $6.12 in January and $6.22 in July, and the franc reads +48.4% in January and +45.4% in July.

Noticed by:
Included it: Claude, ChatGPT, Meta, DeepSeek. Did not include: Grok, Nemotron, Kimi, Wenxin.
Source ↗

04How we counted

In plain words, no formulas.

1The question

Top 10 Currencies Where the Big Mac and the Trade Basket Disagree Most About What They Are Worth

2Why this topic

The reader learns whether a currency is cheap by everyday prices, by trade weight, or by both, and sees where the two popular gauges disagree, which neither publishes.

3Where it applies

Global (major economies and Asian export economies)

4What we looked at

  • How far the market rate is from the Big Mac-implied dollar rate (percent over- or undervalued)
  • How far the BIS real effective exchange rate is from its long-run level of 100
  • The size of the disagreement between the two gauges, in percentage points. This sets the order
  • Shown for context: percent change against the dollar so far in 2026
  • The Economist: Big Mac Index (January and July 2026 editions) — The local Big Mac price converted at the market rate and compared with the US price ($6.12 in January, $6.22 in July), as a percent over
  • Bank for International Settlements, real effective exchange rate (via FRED) — The currency against a trade-weighted basket of partners, adjusted for inflation, 2020=100. The distance from 100 is read
  • OECD: purchasing power parities — Conversion rates for a broad basket of goods and services. A third check, not used for the order.
  • Federal Reserve H.10 bilateral rates (via FRED) — Context only: change against the dollar from the Dec 2025 to the Sep 2026 monthly average.

5Who ranked

The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Meta, Grok, Nemotron, Kimi, DeepSeek, Wenxin.

6How the places were set

The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.

05Each AI's own list

🇺🇸 Claude10 places · 3 notes

The same question, answered by Claude alone. The final list above combines all the AIs.

  1. 1
    Taiwan dollar

    The Big Mac says it is 60% undervalued, while the trade-weighted real rate is within 3% of its long-run level, a 58-point gap.

    Source ↗
  2. 2
    Malaysian ringgit

    The two gauges point in opposite directions. The Big Mac says 45% undervalued, while the real trade rate sits 6% above its long-run level.

    Source ↗
  3. 3
    Indian rupee

    The rupee's burger is 59% cheap, but its real basket rate is only 10% below 100, a 49-point gap.

    Source ↗
  4. 4
    Swiss franc

    The Big Mac makes the franc 48% overvalued, while the real trade rate shows it at its long-run level (100.65).

    Source ↗
  5. 5
    Chinese yuan

    The Big Mac sees the yuan 40% undervalued, while the BIS real rate is 7% below 100.

    Source ↗
  6. 6
    Thai baht

    The baht is 30% cheap by burger but only 2% below its history on the trade basket.

    Source ↗
  7. 7
    South Korean won (2026)

    The won is 39% cheap in burgers and 14.5% cheap in real trade terms, even after rising about 8% on the dollar this year.

    Source ↗
  8. 8
    Swedish krona

    Burger prices put the krona 19% above the dollar, while the real trade rate is 5% below 100, so the gauges disagree on direction.

    Source ↗
  9. 9
    Norwegian krone

    The Big Mac shows the krone 23% overvalued, while its real trade rate is almost exactly 100.

    Source ↗
  10. 10
    Australian dollar

    It is the one major currency where the Big Mac says 7% cheap while the trade basket says 15% expensive.

    Source ↗

What Claude noticed

Only the Malaysian ringgit, Australian dollar and Swedish krona among the top ten show opposite signs on the two gauges. For the rest the gauges agree on direction and disagree on size, which is mostly the Big Mac exaggerating.

Source ↗

A Taiwan Big Mac costs about $2.47 against $6.12 in the US and $9.08 in Switzerland. Every Asian export economy in the list reads as 30 to 60% cheap by burger, but none is more than 15% below 100 in real trade terms.

Source ↗

Israel's jump to second place in the 2026 index is attributed to the shekel's rise, to about 3.06 per dollar on 31 Jul 2026 from about 3.8 in Jul 2024, a reminder that the Big Mac moves with the market rate.

Source ↗
🇺🇸 Meta10 places · 2 notes

The same question, answered by Meta alone. The final list above combines all the AIs.

  1. 1
    New Taiwan Dollar (TWD) 2026

    Big Mac NT$78 = $2.42 second-cheapest, -59.6% undervalued, yet REER 100.74 Jan 2025 almost exactly 100

  2. 2
    Indian Rupee (INR) 2026

    Maharaja Mac proxy 58.9% undervalued Jan 2026, but REER near 100 after BIS weights

  3. 3
    Philippine Peso (PHP) 2026

    Peso 56% undervalued July 2026, 53.6% Jan 2026, 4th most undervalued, but REER near long-run

    Source ↗
  4. 4
    Indonesian Rupiah (IDR) 2026

    Cheapest Big Mac $2.38 July 2026, -60%+ undervalued, REER ∼95

    Source ↗
  5. 5
    South Korean Won (KRW) 2026

    Won still over 30% undervalued by Big Mac despite drop to 1,300 range, PPP 916.40 vs market ∼1,360

    Source ↗
  6. 6
    Japanese Yen (JPY) 2026

    Japan 480 yen = $3.03 undervalued 50.5%, REER also at 70.13 deep cheap - rare agreement

  7. 7
    Chinese Yuan (CNY) 2026

    China Big Mac 25.5 CNY = $3.66 undervalued 40.2%, REER ∼100

  8. 8
    Euro (EUR) 2026

    Euro Big Mac parity near fair, but REER above 100, slight overvaluation both sides

    Source ↗
  9. 9
    British Pound (GBP) 2026

    Pound 15.7% overvalued on Big Mac Jan 2026, REER ∼105 modestly rich - medium disagreement

  10. 10
    Swiss Franc (CHF) 2026

    Switzerland $9.08 burger +48.4% overvalued, $9.04 July = 45% over, REER also high - gauges agree

What Meta noticed

Korean won still over 30% undervalued by Big Mac with PPP 916.40 vs market 1,360 despite sharp 200 won drop from 1,550 July to 1,330 range

Source ↗

Philippine peso 56% undervalued July 2026 4th most undervalued, price P169 vs US $6.22 implying P27.17 per USD

Source ↗
🇺🇸 Grok10 places · 3 notes

The same question, answered by Grok alone. The final list above combines all the AIs.

  1. 1
    Japanese yen Big Mac vs REER 2026

    Big Mac implies the yen is roughly 50% undervalued while its REER sits near 65–70 versus 100.

    Source ↗
  2. 2
    South Korean won Big Mac vs REER 2026

    Big Mac shows ~37% undervaluation while the REER is near 85–89.

    Source ↗
  3. 3
    Chinese yuan Big Mac vs REER 2026

    Big Mac implies ~37% undervaluation while the REER has been closer to or above 90–100.

    Source ↗
  4. 4
    Indonesian rupiah Big Mac vs REER 2026

    Big Mac shows the deepest undervaluation (~60%) while the REER distance from 100 is smaller.

    Source ↗
  5. 5
    Taiwan dollar Big Mac vs REER 2026

    Big Mac implies >60% undervaluation while effective rates have been nearer fair value.

    Source ↗
  6. 6
    Swiss franc Big Mac vs REER 2026

    Big Mac shows +45% overvaluation while the REER is elevated but not by the same margin.

    Source ↗
  7. 7
    Euro area Big Mac vs REER 2026

    Big Mac implies modest overvaluation (~14%) while REER readings vary around 100.

    Source ↗
  8. 8
    British pound Big Mac vs REER 2026

    Big Mac shows +19% overvaluation while the trade-weighted real rate is closer to historical norms.

    Source ↗
  9. 9
    Indian rupee Big Mac vs REER 2026

    Big Mac implies deep undervaluation (~59%) while the REER gap from 100 is narrower.

    Source ↗
  10. 10
    Brazilian real Big Mac vs REER 2026

    Big Mac shows roughly −24% to −25% undervaluation while the REER has fluctuated nearer its long-run average.

    Source ↗

What Grok noticed

A Big Mac in Japan is about 20% cheaper than in China according to the July 2026 index, even though both currencies look undervalued on a trade-weighted basis.

Source ↗

Misalignments in the Big Mac Index are the widest since the mid-1990s, driven by post-2021 US inflation, the yuan and the yen.

Source ↗

Switzerland’s $9.04 Big Mac (45% overvalued) remains the global outlier while Asian export currencies cluster at the cheap end.

Source ↗
🇨🇳 Kimi10 places · 3 notes

The same question, answered by Kimi alone. The final list above combines all the AIs.

  1. 1
    New Taiwan dollar (TWD)

    A 56-point argument: the Big Mac says the Taiwan dollar is 59.6% too cheap; the BIS basket says it is almost exactly at par (96.5).

  2. 2
    Hong Kong dollar (HKD)

    Pegged to the dollar and 48% 'undervalued' by burgers — yet its BIS basket sits ABOVE par at 104.3, a 52-point split.

  3. 3
    Indian rupee (INR)

    A ₹190 burger is 61% 'cheap' in dollars, but the rupee's real trade-weighted value is only 10% below baseline — the widest gap in the big economies.

  4. 4
    Swiss franc (CHF)

    The Big Mac's perennial champion at +48% 'overvalued' — while the BIS basket says the franc is at fair value (99.9), the smallest reading since March 2025.

  5. 5
    Malaysian ringgit (MYR)

    Burgers say 43% undervalued; the BIS basket says the ringgit is 5% ABOVE its baseline and rising (+3.4% y/y) — the gauges point in opposite directions.

  6. 6
    Thai baht (THB)

    A 42%-cheap Big Mac against a basket (97.7) that is basically at baseline — and the two gauges have never disagreed more about Thailand.

  7. 7
    Brazilian real (BRL)

    The burger says Brazil is cheap (-23%); the BIS basket says the real is 16.5% ABOVE baseline — the most expensive currency in the Americas by REER.

  8. 8
    Chinese yuan (CNY)

    Big Mac says 37% undervalued; the trade-weighted inflation-adjusted yuan sits at 91.8 — cheap, but barely a quarter as cheap as the burger claims.

  9. 9
    South Korean won (KRW)

    A ₩5,700 Big Mac reads 38% undervalued, but the won's real basket is only 10% below baseline — and the won just had its strongest dollar close in two years.

  10. 10
    Japanese yen (JPY)

    The rare case where the two gauges agree: a 50%-cheap Big Mac and a REER of 66 both scream cheap — the disagreement is only 16 points.

What Kimi noticed

Every big gap here has the same root: the Big Mac prices non-tradables (rents, wages, services), while REER measures the whole traded economy. That is why the franc can be 48% 'overvalued' on burgers and exactly 99.9 on the BIS basket — Swiss wages, not competitiveness.

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Japan's yen is the sanity check: REER 66.0 — the lowest among major economies, 34 points below its 2020 baseline — and a 50%-undervalued Big Mac point the same way, so the 'cheap yen' story survives both gauges.

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For Korea, the two rankings intersect: the won looks strong against the dollar (2-year high on Oct 20) yet the REER (89.9) and a -38% Big Mac both say structurally cheap — exactly the 'half the story' problem.

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🇨🇳 DeepSeek10 places · 1 notes

The same question, answered by DeepSeek alone. The final list above combines all the AIs.

  1. 1
    Brazilian real (BRL)

    The real is overvalued by 18.9% on the BIS REER (118.89) but undervalued by 27.3% on the Big Mac — a 46-point disagreement.

    Source ↗
  2. 2
    New Taiwan dollar (TWD)

    Taiwan’s currency is 59.6% undervalued on the Big Mac but only 2.23 points below fair value on the BIS REER — a 57-point gap.

  3. 3
    Swiss franc (CHF)

    The franc is the world’s most overvalued currency on the Big Mac (+45.4%) but its BIS REER is almost exactly at its long-run average (100.65) — a 44-point disagreement.

  4. 4
    Mexican peso (MXN)

    The peso is 39.8% overvalued on the BIS REER (139.78) while the Big Mac calls it fairly valued (+0.8%) — a 39-point gap.

    Source ↗
  5. 5
    Uruguayan peso (UYU)

    Uruguay is the second most overvalued currency on the Big Mac (+43.7%) but its REER is not published in the same extreme territory, leaving a large gap.

    Source ↗
  6. 6
    Colombian peso (COP)

    Colombia is 28.7% overvalued on the Big Mac but its REER is not among the BIS broad series that show extreme overvaluation.

    Source ↗
  7. 7
    Australian dollar (AUD)

    The Aussie is 7.0% undervalued on the Big Mac but 15.1% overvalued on the BIS REER (115.08) — a 22-point gap with the two gauges pointing in opposite directions.

    Source ↗
  8. 8
    Singapore dollar (SGD)

    Singapore is 5.5% undervalued on the Big Mac yet 13.8% overvalued on the BIS REER (113.84) — a 19-point disagreement.

    Source ↗
  9. 9
    Norwegian krone (NOK)

    Norway is 29.5% overvalued on the Big Mac while its BIS REER sits just above 100 (102.02), a 27-point gap.

    Source ↗
  10. 10
    Swedish krona (SEK)

    Sweden is 18.6% overvalued on the Big Mac but only 1.9% above fair value on the BIS REER (101.87) — a 17-point gap.

    Source ↗

What DeepSeek noticed

Brazil is a rare case where the two gauges point in opposite directions: the Big Mac says the real is 27.3% cheap, while the BIS REER says it is nearly 19% expensive.

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