The depreciation of the dollar led to a decline in the purchasing power of the dollar. This can't be explained by chicken legs, because international commodities are denominated in dollars. If the dollar depreciates, the prices of these commodities will rise, otherwise the value of commodities will be underestimated, which is true. The depreciation of the dollar will drive up the oil price, thus reducing the purchasing power of the dollar.

The depreciation of the dollar is not only the depreciation of the renminbi, but also the depreciation of most currencies, including the euro.

The current depreciation of the US dollar is not directly equal to inflation, because the economic recession, insufficient consumer demand, difficult to buy goods, prices can not rise. Only consumer goods need to raise prices, such as oil. Therefore, the overall price level has only improved under the impetus of oil, but not all commodities are increasing in price. Therefore, this is not inflation.

If the dollar depreciates for a long time, it will inevitably lead to inflation, the prices of commodities and other commodities will inevitably rise continuously, and the import cost of the United States will also increase, thus leading to overall inflation.

Therefore, neither C nor D can be generalized, and the specific situation cannot be explained clearly with a theory.

At present, there is no inflation in the United States and no depreciation outside, and foreign exchange reserves are still shrinking, because foreign exchange reserves not only deal with the United States, but also with other countries, which is caused by the settlement currency status of the US dollar.