2. The foreign exchange rate is the price of foreign currency expressed in domestic currency, and its level is ultimately determined by the foreign exchange market. The basic meaning of foreign exchange quotation and foreign exchange rate is the same, both refer to real-time exchange rate, but foreign exchange quotation is the foreign exchange reference standard provided by domestic banks to domestic customers. The foreign exchange rate is expressed in the currencies of other countries, and the price is determined by the foreign exchange market.
It is worth noting that there are many factors that affect the exchange rate in foreign exchange. Foreign exchange quotation includes cash buying (selling), cash buying (selling), middle price and benchmark price. The foreign exchange rate generally indicates the buying price and selling price. The buying price of foreign exchange refers to the price at which banks buy foreign exchange and customers sell it. The purchase price of cash refers to the price at which banks buy foreign currency cash from customers; Spot selling price refers to the price at which banks sell foreign currency to customers, which is generally used when customers purchase foreign exchange; The benchmark price is unique to major currencies such as US dollar, personnel and euro. Usually, three quotations are published for each foreign currency: foreign exchange buying (selling) price and cash buying price.
Tips: The above information is for reference only.
Reply time: 2021-11-24. Please refer to the latest business changes announced by Ping An Bank in official website.