Not that it makes much difference, but I calculate it at a compound annualized rate of 7.442%.
It's better news than expected for some us (although, as you say, not really good news in that sense) and worse than expected for others. Importers, exporters, employers, employees and retirees have different (and sometimes competing) interests.
Here's a related piece of interest to some, on Chinese dictators (and many people of certain interests in the USA) trying to keep the yuan from getting closer to the dollar.
China must beware of Congress, Snow says
http://www.freerepublic.com/focus/f-news/1406152/posts