According to the different methods of setting exchange rates, exchange rates are divided into benchmark exchange rates and arbitrage exchange rates. The benchmark exchange rate means that a country chooses one or more foreign currencies as its key currency and sets the exchange rate between each key currency and its own currency. This exchange rate is the benchmark exchange rate. Arbitrage exchange rate is to calculate the exchange rate of domestic currency against other currencies in the international financial market according to the domestic benchmark exchange rate.

According to the clearing and delivery time of foreign exchange transactions, exchange rates are divided into spot exchange rates and forward exchange rates. Spot exchange rate refers to the foreign exchange delivery on the day of the transaction or within 2 working days after the transaction. The exchange rate used in this spot foreign exchange transaction is the spot exchange rate. Forward exchange rate refers to the exchange rate at which foreign exchange buyers and sellers will make foreign exchange delivery in a certain period of time in the future, and both parties sign a contract in advance to reach an agreement.

According to the different types of foreign exchange bought and sold by banks, the exchange rate can be divided into buying price, selling price and middle price. The buying exchange rate is the exchange rate at which banks buy foreign exchange. Selling exchange rate is the exchange rate at which banks sell foreign exchange. The intermediate exchange rate is the difference between foreign exchange bought and sold by banks.