| 单词 | exchange rate |
| 释义 | exchange rate The price of one currency in terms of another. This can be quoted either way round: if one pound is worth two dollars, one dollar is worth 50p, or half a pound; it is necessary to check which system is being used. A par exchange rate is that agreed between governments, or registered with a central authority such as the International Monetary Fund (IMF) or European Monetary System (EMS). A market exchange rate is the actual price on foreign exchange markets. Market prices of foreign exchange are liable to fluctuate, between narrow margins in a fixed exchange rate system, and much more widely under a floating or flexible rate system. In countries with exchange controls, there may be multiple exchange rates: the price of foreign currency varies according to the use the central bank believes a purchaser intends to make of it. In countries with convertible currency there is at any one time only a single exchange rate with any given foreign currency. Because of transactions costs and some element of monopoly in dealing with small buyers and sellers of currencies, banks generally charge more to sell foreign exchange than they offer to buy it, particularly in the case of small amounts and low-denomination notes. In the markets used by banks and large commercial organizations the range of prices is much smaller. There are three exchange rates between any three currencies: where all are quoted on foreign exchange markets, arbitrage ensures that they will be consistent. Major currencies have quoted rates with all other currencies; where trade contacts between small and remote countries are small or non-existent, there is no foreign exchange market, and anybody wishing to shift between two such currencies has to trade via a major currency, such as the US dollar. All this refers to nominal exchange rates: these are contrasted with real exchange rates, which compare the relative prices of different countries' products. A country's real exchange rate may change either through a change in its nominal exchange rate, or through a domestic inflation rate faster or slower than its trading partners. See also: crawling peg exchange rates, effective exchange rate, fixed exchange rate, floating exchange rate, misaligned exchange rate, multiple exchange rates, and realignment of exchange rates |
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