Final answer:
Without a specified initial retail selling price in US dollars, an exact conversion to Yuan cannot be provided. Assuming a known price in USD, the conversion to Yuan is done by multiplying the USD price by the exchange rate of 1 USD to 7 Yuan.
Step-by-step explanation:
To convert the retail selling price from US dollars to Yuan, you can apply a straightforward multiplication given the current exchange rate of 1 USD to 7 Yuan. However, it's important to note that the question does not specify the initial retail selling price in US dollars, which is necessary to perform the conversion.
For example, if an item's retail selling price is $100 USD, then the conversion to Yuan would be $100 × 7 = 700 Yuan. This simple multiplication will give you the price of the item in Yuan.
Understanding exchange rates is essential, as they fluctuate based on market dynamics such as supply and demand, economic indicators, and geopolitical events. The examples of the US dollar's past exchange rates against the Japanese yen illustrate that exchange rates can vary significantly over time, which in turn impacts international trade and economics.