Benchmark price: also known as the middle price of exchange rate, that is, the average price of buying price and selling price. The central parity of exchange rate = (spot buying price+selling price) /2, which is generally announced by the central bank.

China Bank's conversion price: the middle price determined by China Bank according to the benchmark price and its own situation is equivalent to the benchmark price announced by the bank.

Generally speaking, the buying price of spot exchange is the price at which foreign currency is converted into RMB in a bank account. The cash purchase price is the price at which foreign currency cash is converted into RMB; The selling price is the exchange rate of RMB for foreign exchange, regardless of cash and cash; The benchmark price is announced by the central bank; The conversion price of BOC is set by BOC itself.

Extended data:

The exchange rate of China Bank is a noun in foreign exchange speculation. The conversion price of China Bank is equivalent to the benchmark price. If there is no benchmark price, the middle price converted by China Bank itself. China Bank's converted quotation is the middle price used internally by China Bank. It is mainly used for currency conversion in internal accounting, internal liquidation after foreign exchange purchase, and calculation of business profit and loss.

The exchange rate of China Bank is the price used by China Bank to calculate foreign currency assets. If you have converted US dollars into RMB through Bank of China, you should use the cash/cash purchase price instead of the exchange price of Bank of China.

References:

Baidu encyclopedia-benchmark price

Baidu encyclopedia-central parity of exchange rate

Baidu Encyclopedia-Price

Bank of China-foreign exchange rate