From Forbes: Argentina's black market offers some 10 pesos per dollar, instead of nearly seven at the fixed exchange rate.
So, the open market value of a peso is about 0.10 USD. The official value is 0.15USD.
The official value of 1 peso (0.15USD) is higher than the open market price (0.10USD). Thus the government is overvaluing the peso.
In contrast, 1 CNY is currently worth (0.17USD), i.e. similar to the official value of 1 peso. However, some people argue that it should be worth much more (e.g. 0.25USD).
In your example, exporters are getting screwed through an implicit tax. In my example, exporters are getting an implicit subsidy.
So, the open market value of a peso is about 0.10 USD. The official value is 0.15USD.
The official value of 1 peso (0.15USD) is higher than the open market price (0.10USD). Thus the government is overvaluing the peso.
In contrast, 1 CNY is currently worth (0.17USD), i.e. similar to the official value of 1 peso. However, some people argue that it should be worth much more (e.g. 0.25USD).
In your example, exporters are getting screwed through an implicit tax. In my example, exporters are getting an implicit subsidy.