Currency swap is to exchange the principal and fixed interest of one currency with the equivalent principal and fixed interest of another currency in the future. Generally speaking, currency swap does not need to swap principal, but only needs to swap interest. But now we assume that the principal is exchanged, which is equivalent to buying another currency with a certain principal at time T 1 at time T0. Of course, the agreed exchange rate at this time is the yield of the currency you have now, and the actual exchange rate at T 1 is equivalent to the actual market exchange rate at T 1. This constitutes a forward foreign exchange agreement. Of course, a currency swap can be decomposed into a series of forward foreign exchange agreements, which are reflected in the term of the swap. If the time is long enough, it can be decomposed into a series of forward foreign exchange agreements from now to T 1, T0 to T2 and T0 to T3.