(2) People need and buy foreign exchange because foreign exchange can buy foreign goods and services, and foreign goods and services have the effect of meeting people's needs, and this effect is the value basis of foreign exchange.
(3) The real value of foreign exchange lies in its marginal utility. People's subjective psychology determines the marginal utility. Different subjective evaluations decide whether to buy or sell, so the supply and demand of foreign exchange change, which eventually leads to the change of exchange rate.
(4) Exchange psychology is determined by two factors: quality and quantity. Qualitative factors mean that money has a specific purchasing power for goods, which is used to pay off debts and invest in maple leaves. Quantitative factors refer to the balance of payments, positive and negative, inflation, capital inflow and outflow. If the supply of foreign exchange increases and the marginal utility decreases, people's psychological evaluation will be low, which will lead to the behavior of buying foreign exchange. The supply and demand of countless individuals constitute the supply and demand of the market, and the intersection of supply and demand is the price of foreign exchange.
(5) evaluation. The theory of international lending is based on the Austrian school, and the supply and demand of foreign exchange are determined by subjective evaluation, which is criticized by Marxist economics (subjective determination of value).