First of all, from the perspective of setting the exchange rate:
1, exchange rate (basic exchange rate)
Usually, a freely convertible key currency, which is most commonly used in international economic transactions and accounts for the largest proportion of foreign exchange reserves, is chosen as the main target, and the exchange rate is determined by comparing it with the currency of this country. This exchange rate is the base exchange rate. Key currency generally refers to a world currency, which is widely used in pricing, settlement, reserve currency, freely convertible and internationally accepted currency. At present, the key currency is usually the US dollar, with the exchange rate of the country's currency against the US dollar as the benchmark exchange rate. The benchmark exchange rate of RMB is the benchmark exchange rate of major trading currencies (US dollars, Japanese yen and Hong Kong dollars) against RMB announced by the People's Bank of China according to the weighted average price of US dollars against RMB formed in the inter-bank foreign exchange market the previous day, that is, the market transaction middle price.
2. After the basic exchange rate is worked out, the exchange rate of local currency against other foreign currencies can be calculated through the basic exchange rate, and the exchange rate thus obtained is the cross exchange rate, which is the so-called arbitrage exchange rate. For example, on March 5, 2002, the People's Bank of China announced that the benchmark exchange rate was USD/RMB =8.2767, while the international market USD/CAD = 1.59 13, so it can be calculated that CAD/RMB =5.20 12, which means that 1 CAD can be.
Second, from the exchange rate system:
1, fixed interest rate
It means that the exchange rate between one country's currency and another country's currency is basically fixed, and the exchange rate fluctuation is very small. Under the gold standard, the fixed exchange rate is determined by the gold content of the gold coins of the two countries. The boundary of fluctuation is the exchange rate level that leads to the import and export of gold, and the fluctuation range is the cost of transporting gold between the two countries. Under the Bretton Woods monetary system from World War II to the early 1970s, the currencies of IMF member countries stipulated the gold content and the exchange rate against the US dollar. The fluctuation of exchange rate is strictly limited to 1% of the official exchange rate. Because the exchange rate fluctuates very little, it is also a fixed exchange rate.
2. Floating exchange rate
It means that the monetary authority of a country does not stipulate the official exchange rate of its currency against other currencies, and there is no upper or lower limit for exchange rate fluctuations. The local currency is determined by the relationship between supply and demand in the foreign exchange market and floats freely. When the supply of foreign currency exceeds the demand, the foreign currency depreciates, the local currency appreciates and the foreign exchange rate falls; On the contrary, the foreign exchange rate rose. The monetary authorities in this country should properly intervene in the foreign exchange market to prevent excessive fluctuations in the local currency exchange rate, so as to maintain the stability and development of the country's economy.
RMB exchange rate reached a new high.
Three, from the point of view of bank buying and selling foreign exchange:
1, buy ungrateful.
Also known as the buying price, it is the price used by foreign exchange banks to buy foreign exchange from customers. Generally speaking, the exchange rate at which foreign currency is converted into local currency is the buying exchange rate, which indicates how much foreign currency needs to pay to buy a certain amount of foreign currency. Because its customers are mainly exporters, the selling price is often called "export exchange rate". For example, on March 5, 2002, the buying exchange rate of USD/RMB was 8.2635, and the bank bought 1 USD in foreign exchange and paid 8.2735 yuan to customers.
2. Selling price
Also known as foreign exchange selling price, it refers to the exchange rate used by banks to sell foreign exchange to customers. Generally speaking, the exchange rate at which foreign currency is converted into local currency is the selling exchange rate, which indicates how much foreign currency a bank needs to recover to sell a certain amount of foreign currency. Because its customers are mainly importers, the selling price is often called "import exchange rate". For example, on March 5, 2002, the selling exchange rate of USD/RMB was 8.2899, and the bank bought 1 USD in foreign exchange, charging customers RMB 8.2899. The buying and selling price depends on the position of the buyer or seller in foreign exchange transactions. The difference between the bid price and the bid price is generally around 1% ~ 5%, which is the fee income of foreign exchange banks. For example, on March 5, 2002, the difference between the buying exchange rate and the selling exchange rate of USD/RMB was 0.0264, which was the bank's handling fee.
3. Intermediate exchange rate
It is the average of buying price and selling price. Newspapers often use intermediate exchange rates when reporting exchange rate news.
Four, from the perspective of foreign exchange transactions, payment notice:
1, telegraphic transfer rate
T/T exchange rate is the exchange rate at which a bank informs its foreign branches or correspondent banks to pay the payee by telegram after selling foreign exchange. T/T is the fastest way of international exchange in international capital transfer. It can be paid within one or three days, and the bank can't use the customer's funds, so the exchange rate of wire transfer is the highest.
foreign exchange rate
2. Remittance rate
Remittance exchange rate is the remittance method to inform the transfer payee of the bank where the payment is made by letter after the bank sells foreign exchange. Because the postal journey takes a long time, banks can use customers' funds during the postal journey, so the exchange rate of letter transfer is lower than that of wire transfer. 3. Exchange rates for bills of exchange and remittances
The exchange rate of bill exchange refers to that when a bank sells foreign exchange, it draws a bill paid by its overseas branch or agent bank and gives it to the remitter, who carries it with him or sends it abroad for withdrawal. Because there is a time interval between selling and paying foreign exchange, banks can occupy customers' funds during this time, so the exchange rate of foreign exchange is generally lower than that of wire transfer.
Verb (abbreviation of verb) From the perspective of the delivery period of foreign exchange transactions:
1, spot exchange rate (spot exchange rate)
Refers to the exchange rate of spot foreign exchange transactions. That is, the exchange rate used by buyers and sellers for delivery on the day after the completion of foreign exchange transactions or within two business days. Spot exchange rate is spot exchange rate. The spot exchange rate is determined by the relationship between supply and demand of money at the time of spot delivery. The exchange rate listed in the general foreign exchange market generally refers to the spot exchange rate, except the forward exchange rate.
2. Forward exchange rate
It is the exchange rate for delivery in a certain period in the future, and the buyer and the seller sign an agreement in advance. On the delivery date, both parties will deliver the goods according to the predetermined exchange rate and amount. Forward foreign exchange transaction is an appointment transaction, which is introduced to avoid foreign exchange risks because foreign exchange buyers need foreign exchange funds at different times. Forward exchange rate is based on spot exchange rate, that is, it is expressed by "premium", "discount" and "parity" of spot exchange rate. Among them, if the forward exchange rate is more expensive than the spot exchange rate, the difference is called premium; If the forward exchange rate is cheaper than the spot exchange rate, the difference is called discount; If the forward exchange rate is equal to the spot exchange rate, there is no premium or discount, which is called parity.
Six, from the foreign exchange bank business hours:
1, opening exchange rate:
This is the exchange rate used by foreign exchange banks when they start business and conduct foreign exchange transactions on business days.
2. Closing exchange rate:
This is the exchange rate of foreign exchange banks at the end of foreign exchange transactions on a business day. With the development of modern science and technology and the modernization of foreign exchange trading equipment, foreign exchange markets all over the world are integrated. Due to the time difference between major cities and the interaction of exchange rates in major foreign exchange markets, the opening exchange rate of a foreign exchange market is often influenced by the closing exchange rate of the foreign exchange market in the previous time zone. The opening price and closing price are only a few hours apart, but in today's exchange rate turmoil, there is often a big difference.
Seven, according to the different foreign exchange control.
1, official exchange rate
The official exchange rate is set and published by a country's foreign exchange administration. In countries with strict foreign exchange control, this form of exchange rate is dominant, while in countries with loose foreign exchange control, the official exchange rate only plays the role of central exchange rate. According to the regulations of the International Monetary Fund (IMF), the official exchange rates of member countries are divided into the following categories: (1) pegged to a certain currency; (2) Limited flexibility in pegging to a certain currency; (3) determined by the cooperation arrangement; (4) Adjust according to a set of indicators; 5] floating management according to regulations; [6] Comply with the independent floating regulations;
2. Market exchange rate
Market exchange rate refers to the actual exchange rate for buying and selling foreign exchange in the free foreign exchange market. Fluctuates with the change of foreign exchange supply and demand. If the government wants to adjust the exchange rate, it must intervene by influencing the foreign exchange market. When the government is unable to intervene or control the market exchange rate, it often adopts the method of announcing currency depreciation to solve it.
3. Black market exchange rate
Black market exchange rate is the exchange rate at which foreign exchange is bought and sold on the black market. In countries with strict foreign exchange control, foreign exchange transactions are conducted at the official exchange rate. Some foreign exchange holders sell foreign exchange at a price higher than the official exchange rate on the black market and can exchange more domestic currency, which is the foreign exchange supplier on the black market; Others can't get enough foreign exchange demand at the official exchange rate and buy foreign exchange from the black market at a price higher than the official exchange rate. This is the black market foreign exchange demand.
Eight, in addition, people often talk about the exchange rate types are as follows:
1, bank note interest rate.
Also known as cash bid price. Refers to the exchange rate used by banks to buy or sell foreign currency cash. Theoretically speaking, the buying and selling price of cash should be the same as the buying and selling price of foreign exchange forms such as foreign currency payment vouchers and foreign currency credit vouchers. However, in real life, due to the general regulations that foreign currency is not allowed to circulate in China, it is necessary to transport the purchased foreign currency cash to the issuing country or the region where it can circulate, and it is necessary to pay certain freight and insurance fees, which are borne by customers. Therefore, the exchange rate used by banks to collect foreign currency cash is slightly lower than the buying exchange rate of other foreign exchange forms; The exchange rate at which banks sell foreign currency cash is the same as the foreign exchange selling price.
2. Nominal exchange rate
In other words, the market exchange rate that is symmetrical with the actual exchange rate is the amount that one currency can be converted into another currency. Nominal exchange rate is usually determined by setting special currencies such as the US dollar and SDR as the standard, and then using this currency to determine the exchange rate. The exchange rate changes according to the change of the US dollar and the SDR. The nominal exchange rate cannot reflect the real value of the two currencies, but the foreign exchange transaction price that changes with the change of foreign exchange supply and demand in the foreign exchange market.
3. Real exchange rate
Legal exchange rate. The real exchange rate is based on coinage parity or gold parity. Under the gold standard, all countries have stipulated the gold content of each coinage unit, and the comparison of the gold content of two currencies is called coinage parity. This is the exchange rate formed by comparing the actual values of the two currencies under the gold standard system, and it is the actual exchange rate under the gold standard system. Under the paper currency circulation system, paper currency is a symbol of gold. At first, the gold content of paper money was stipulated This comparison of the gold content of paper money is called gold parity, which is the basis for determining the exchange rate. Later, because the legal gold content of paper money is out of line with the actual gold content represented by paper money, the exchange rate of paper money is determined by comparing its actual value. In short, whether in the gold standard system or the paper currency circulation system, the basis for determining the exchange rate is the comparison of the real value of money. The real exchange rate does not fluctuate according to the fluctuation of supply and demand in the foreign exchange market, but should be the basis for buying and selling foreign exchange. The real exchange rate of buying and selling foreign exchange in the foreign exchange market always deviates from the real exchange rate.