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In page Purchasing power parity:

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The Economist uses The Big Mac Index to identify overvalued and undervalued currencies. That is, ones where the Big Mac is expensive or cheap, when measured using current exchange rates. The January 2019 article states that a Big Mac costs HK$20.00 in Hong Kong and US$5.58 in the United States.[4] The implied PPP exchange rate is 3.58 HK$ per US$. The difference between this and the actual exchange rate of 7.83 suggests that the Hong Kong dollar is 54.2% undervalued. That is, it is cheaper to convert US dollars into Hong Kong dollars and buy a Big Mac in Hong Kong than it is to buy a Big Mac directly in US dollars.[citation needed]