1. local currency exchange rate

It is expressed by the amount of foreign currency that can be converted by the unit's local currency, which is called the local currency exchange rate. It is called RMB exchange rate in China, that is, the RMB price expressed in foreign currency, and its formula is 100 RMB =x foreign currency.

2. Foreign exchange rate

It is expressed by the amount of domestic currency that can be converted from foreign currency in a unit quantity, which is called foreign exchange rate. China usually adopts 100 foreign currency as the standard and converts it into a certain amount of RMB, that is, the price of a foreign currency is expressed in RMB, and its formula is 100 foreign currency =x RMB.