The foreign exchange rate changes every day. Take Baidu browser for Android mobile phone (version number: 12.27.5. 10) as an example, and log in to the financial market area of Bank of China (/sourcedb/whpj/) to check the daily foreign exchange quotation.
Exchange rate, also known as foreign exchange rate, foreign exchange rate or foreign exchange market, refers to the exchange rate between two currencies, and can also be regarded as the value of one country's currency against another's currency. Specifically, it refers to the ratio or parity between one country's currency and another country's currency, or the price of another country's currency expressed in one country's currency.
Exchange rate changes have a direct regulatory effect on a country's import and export trade. Under certain conditions, by devaluing the local currency, that is, letting the exchange rate rise, it will promote exports and restrict imports; On the other hand, the appreciation of the domestic currency, that is, the decline of the exchange rate, plays a role in restricting exports and increasing imports.
: benchmark exchange rate
The basic exchange rate is an 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 domestic currency.
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 domestic currency. 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 domestic currency against the US dollar as the benchmark exchange rate.
The benchmark exchange rate is the exchange rate between the local currency and the most commonly used basic foreign currency in foreign economic exchanges. At present, countries generally use the US dollar as the basic foreign currency to determine the benchmark exchange rate. Before August 2006, China's benchmark exchange rates included RMB against the US dollar, RMB against the Japanese yen, RMB against the euro and RMB against the Hong Kong dollar. After August 2006, the benchmark exchange rate increased the exchange rate of RMB against the British pound.
The benchmark exchange rate of RMB is the benchmark exchange rate of major trading currencies against RMB announced by the People's Bank of China according to the weighted average price of USD against RMB formed in the inter-bank foreign exchange market the previous day, that is, the market transaction median price.
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