Foreign exchange rate is the exchange rate between currencies of various countries. For example, at this time 1 USD is converted into 6. 177 1 RMB.

At present, banks in various countries determine their own exchange rates with reference to the international financial market. The more domestic currency is converted into other countries' currencies, the more valuable the domestic currency is and the smaller the exchange rate is. On the contrary, the less the domestic currency is exchanged for other international currencies, the less valuable the domestic currency is and the greater the exchange rate is.

For example:

1 RMB can be converted into 0. 16 19 USD;

1 RMB can be converted into 16. 162 yen;

Explain that the dollar is more valuable than the RMB, and the RMB is more valuable than the Japanese yen.

This is the explanation of what the exchange rate is.