It refers to the price comparison between Chinese RMB and other countries’ currencies, the RMB price is also called RMB exchange rate or.
It is formulated and promulgated by the State Administration of Foreign Exchange and listed by the Bank of China.
The exchange rate of RMB is adopted internationally, that is, it is converted into a number of units of RMB by a certain amount of foreign currency as the standard, and the amount of foreign currency is fixed and unchanged.
When the amount of RMB is adjusted or changed, the exchange rate of RMB for the same foreign currency published by the State Administration of Foreign Exchange includes four prices for foreign exchange, foreign exchange, and cash.
The bid price is the price at which the bank buys foreign currency or foreign currency notes, and the ask price is the price at which the bank sells foreign currency or foreign currency notes.
Generally speaking, (mainly wire transfer.
The selling price is higher than the buying price, and the difference between the buying and selling prices is 5%, which is the commission income of the bank’s foreign exchange trading.
The selling price of foreign currency notes by Chinese banks is the same as the selling price, while the buying price of foreign currency notes is lower than the buying price.
China has published the exchange rates of RMB against 21 currencies, which can be generally divided into two types: freely convertible currency and accounting currency. The exchange rates of RMB against freely convertible currency include the American, English, German gram, Finnish mark, French franc, Belgian franc.
Swedish krona, Ducheng Krona, Dutch guilder, Austrian Shilling, Italian lira, Singapore dollar, Canadian dollar, Australian dollar, Macau dollar, Euro, etc. 20 kinds of exchange rates.
The EXCHANGE RATE OF ACCOUNTING CURRENCY (ALSO CALLED AGREEMENT CURRENCY) IS BASED ON THE AGREEMENT SIGNED BY China AND SOME MAINLY DEVELOPING COUNTRIES, ADOPTING THE exchange RATE WITH the other NATIONAL currency TO SETTLE accounts, THIS foreign exchange IN BOTH BANK ACCOUNTS is used only BETWEEN two countries.
The exchange rate of the Renminbi against the agreed currencies is mainly recorded in Swiss francs.
In addition, China also announced the renminbi to the Malaysian ringgit cash buying and selling price.