1400 USD =86 17.7 RMB.
Convert into conversion
The data are for reference only. The transaction price is subject to the transaction price at the bank counter. Update time: 2014-08-1000:19.
The conversion of RMB into foreign currency depends on the latest cash selling price.
According to the latest foreign exchange quotation of the day, 100 foreign currency can be converted into RMB: (cash selling price)
The formula is: (100÷ cash selling price) × RMB = convertible foreign currency.
In terms of how much foreign currency is converted into local currency, under the direct quotation (such as China), it is 1 USD =7.
In the financial market, USD/RMB refers to how much RMB 1 equals.
The word exchange rate can be understood as price. It is called the reduction of the exchange rate of the US dollar against the RMB. The exchange rate takes two forms, that is, how much foreign currency is converted into per unit of local currency.
It is right to understand the decline of the exchange rate between the US dollar and the RMB as the appreciation of the RMB. Therefore, it is correct to treat the two equally. Under the direct quotation, what is the reference of RMB to USD 1 RMB equal to USD (that is, RMB is expressed in USD)? Most countries in the world adopt direct quotation (including China). The decline of foreign exchange rate is the rise of local currency exchange rate. Refers to how much RMB 1 equals, and when it becomes 1 =8 RMB, the other is indirect pricing, and when the foreign exchange rate rises, it is direct quotation. The first is direct pricing, which is obviously the appreciation of RMB, from 1 to 6-7 RMB. Therefore, it is the decline of the local currency exchange rate, which is obviously the depreciation of the RMB. In fact, there is some confusion in the use.
Why is the dollar also called the dollar? We should start with the Bretton Woods system.
The Bretton Woods system was formed at the end of World War II. 1In July, 944, more than 300 delegates from 44 countries held the "United Nations International Monetary and Financial Conference" in Bretton Woods, New Hampshire, USA, and adopted the final resolution of the United Nations Monetary and Financial Agreement and two annexes, the International Monetary Fund Agreement and the International Bank for Reconstruction and Development Agreement, which were collectively called the Bretton Woods Agreement, thus establishing the Bretton Woods system centered on the US dollar.
The core contents of the Bretton Woods system include: establishing the International Monetary Fund, holding consultations on international monetary affairs, and providing financing support for short-term balance of payments deficits of member countries; The dollar is directly linked to gold, and the currencies of all countries are linked to the dollar (that is, "double peg"), and an adjustable fixed exchange rate system is implemented; Cancel foreign exchange control of current account transactions, etc. As a result, the Bretton Woods system established two international financial institutions-the International Monetary Fund and the International Bank for Reconstruction and Development (the World Bank for short). The International Monetary Fund is responsible for providing short-term funds to member countries to ensure the stability of the international monetary system; The World Bank provides long-term credit to promote the recovery and development of the world economy. These two institutions have been in operation ever since.
The Bretton Woods system promotes the stable development of international finance and provides favorable conditions for expanding international trade and world economic growth through the direct link between the US dollar and gold and the fixed exchange rate system. However, the Bretton Woods system also has its inherent defects, which are mainly manifested in the contradiction between the international reserve status and international solvency of the US dollar, the asymmetry of policy coordination between reserve currency issuers and non-reserve currency issuers, and the dilemma of internal and external goals under the fixed exchange rate system. With the development of the world economy, these inherent defects are gradually exposed.
In 1960s and 1970s, after many crises, marked by the Smithsonian Agreement of19712, the dollar depreciated against gold, and the United States refused to sell gold to foreign central banks, so the gold standard under the Bretton Woods system existed in name only. 1in February, 973, the dollar further depreciated, and the major currencies were forced to implement a floating exchange rate system under the impact of speculative forces, and the Bretton Woods system completely collapsed. Since then, the international financial situation has been turbulent, until 1976, the international community reached a "Jamaican system" with the legalization of floating exchange rate and the non-monetization of gold. However, the Jamaican system is not a strict institutional arrangement. It is a laissez-faire system, which has neither standard moderate growth constraints nor balance of payments coordination mechanism, and is called "non-system system". After the collapse of the Bretton Woods system, the International Monetary Fund and the World Bank remain important international organizations.
Due to the history of linking the dollar with gold, it is customary to call the dollar the dollar.