There are two kinds of exchange rates we are talking about, foreign currency exchange rate and local currency exchange rate, which are reciprocal. The definition given in the textbook is that China usually uses 100 yuan as the unit of foreign currency, that is, the foreign exchange rate. In other words, the denominator is the exchange rate, and the local currency exchange rate is the foreign currency equivalent to 100 yuan.

In addition, when looking at the topic, generally speaking, the exchange rate of the US dollar against the RMB is the foreign exchange rate, and the exchange rate of the RMB against the US dollar is the local currency exchange rate, that is, whoever is right is the exchange rate first. For example, the dollar against the renminbi, the dollar first is the exchange rate.

In addition, note that the local currency appreciates, the local currency exchange rate rises, the foreign currency exchange rate falls, and the foreign currency depreciates.

I hope it helps you.