The RMB has had a conversion rate in the range of about 8.25:1 for over 15 years. However, this rate was pegged 1:1 against the dollar for pretty much the entire time.
From time to time (the last being about a year ago at the G20), the Chinese have announced, under international pressure, that they will cut the Yuan loose to seek a level closer to its purchasing power parity. However, in practice, they have yet to do this.
Sorry about the confusion.