The Big Mac index is based on the theory of purchasing-power parity (PPP), according to which exchange rates should adjust to equalize the price of a basket of goods and services around the world. Our index shows that Asia remains the cheapest place to enjoy a burger, while those on the hunt for a value meal should steer clear of Scandinavia. The euro, despite its troubles, continues to be expensive when compared with many other rich-world currencies, though the British pound is trading close to its fair value. China's recent decision to increase the "flexibility" of the yuan has not made much difference yet—the yuan is undervalued on the burger gauge by 48%. For more on the Big Mac index see article.