RMB appreciation means the RMB exchange rate rises. 1. Exchange rate refers to the price comparison and exchange rate between the currencies of two countries. The RMB exchange rate is the price comparison and exchange rate between RMB and foreign currencies. The RMB exchange rate represents the external value of the RMB. It is formulated and adjusted by the State Administration of Foreign Exchange on the basis of the principles of independence and unity, with reference to domestic and foreign price comparison levels and exchange rate fluctuations in international financial markets. It is announced to domestic and foreign countries on a daily basis and serves as the basis for all foreign exchange receipts. The exchange rate for payment settlement is the official exchange rate, there is no market exchange rate, and its pricing method adopts the internationally accepted direct pricing method. Second, it is to convert a fixed unit (such as 100, 10000, 100000, etc.) of foreign currency into a certain amount of RMB. , used to express the exchange rate of RMB against foreign currencies. The size of the fixed unit of foreign currency depends on the value of each foreign currency. Except that the exchange rate of RMB against the Belgian franc and Italian lira uses ten thousand (10,000) units, and the exchange rate against the Japanese yen uses one hundred thousand (100,000) units as the conversion standard, The exchange rate of various other foreign currencies is based on one hundred (100) units as the conversion standard. The RMB exchange rate generally refers to the quotation of RMB exchange for foreign currencies, that is, how many foreign currencies one RMB or 100 RMB can be converted into. An increase in the RMB exchange rate means an appreciation of the RMB. The RMB exchange rate was set and announced by the State Administration of Foreign Exchange before 1994. After the unification of the RMB exchange rate on January 1, 1994, a single, managed floating exchange rate system based on market supply and demand was implemented. The People's Bank of China based on the previous The price formed in the daily inter-bank foreign exchange market announces the exchange rate of RMB against the U.S. dollar and other major currencies. Based on this, banks list their own prices within the floating range specified by the People's Bank of China. Fourth, do you want to know the exchange rate of RMB against the US dollar? There is no doubt that we all know that the RMB will appreciate, but what will be the speed and magnitude of the appreciation? This article discusses this issue. On August 29, 2006, the Wall Street Journal published an article (English version, Chinese version) by Professor Ronald I. McKinnon on the editorial page. In the article, he proposed a reference rule for the RMB exchange rate, which I think is of great reference and practical value.