This is easy to understand. If the central parity of RMB against USD is 6.3659 on a certain day, that is to say, 1 USD can be converted into RMB 6.3659, and this 6.3659 is what you call foreign exchange (exchange rate). If the value rises from 6.3659 to 8.3050 (for example, when the RMB did not appreciate a few years ago), from the exchange rate point of view, 1 USD can be converted into 8.3050 RMB. In fact, it means that the RMB has depreciated against the US dollar, so when the RMB depreciates, the foreign exchange (exchange rate) will appreciate (the exchange rate in the above example has risen from 6.3659 to 8.3050), and vice versa. The appreciation of local currency and the depreciation of foreign exchange (exchange rate) are like a dialectical relationship. Think about it carefully and you will know what is going on. It should be noted that the foreign exchange rate does not refer to purchasing power.