Based on the benchmark exchange rate of RMB against the US dollar published by the People’s Bank of China and according to the international foreign exchange market, the designated foreign exchange banks calculate the central parity rate of RMB against the US dollar, euro, Hong Kong dollar and other freely convertible currencies on the same day.
The designated foreign exchange banks may, within the exchange rate fluctuation range prescribed by the People’s Bank of China, fix on their own the foreign exchange buying rate, the foreign exchange selling rate and the cash buyer price of each listed currency.
These listed prices are the bank’s foreign exchange rates.
Foreign exchange rate, also known as the exchange rate, refers to the exchange rate or ratio of one country into another country’s currency;
Or the price of one country’s currency in terms of another.
