"Exchange rate", also known as "foreign exchange market" or "exchange rate", is the ratio of one country's currency to another, and the price of another currency is expressed in one currency. Because of the different names and values of currencies in the world, one country's currency should set an exchange rate for other countries' currencies, that is, the exchange rate. In the short term, a country's exchange rate is determined by the demand and supply of foreign currency. Foreigners buying their own goods, investing in their own countries and speculating on their own currencies will all affect the demand for their own currencies. Domestic residents want to buy foreign products, invest in foreign countries and speculate in foreign exchange, which affects their money supply. In the long run, the main factors affecting the exchange rate are: relative price level, tariffs and quotas, preference for domestic goods relative to foreign goods and productivity.

"Exchange rate", an industry term, is also called "foreign exchange quotation". That is, the foreign exchange listing price of designated foreign exchange banks is the buying and selling price between various foreign currencies and RMB set by banks according to the central parity of RMB market published by the People's Bank of China and the international foreign exchange market (referring to the same foreign exchange listing price of the head office, branches and head offices). This price is unchanged on the same day, but it may change on different days.

Generally speaking, exchange rate is a ratio, and exchange rate is a price, including buying price, selling price and middleware. Generally speaking, it is the middle price.