The value of RMB in terms of yuan

Currency exchange

1 Korean won = 0.005668 RMB

1 RMB = 176.4402 Korean won< /p>

It can be seen from this that 1 Korean won is far less valuable than 1 RMB

"Exchange rate" is also called "foreign exchange market" or "exchange rate". It is the exchange rate of one currency for another. A currency ratio is the price of one currency expressed in another currency. Since the currencies of various countries (regions) in the world have different names and currency values, one currency must set an exchange rate for the currencies of other countries (or regions), that is, the exchange rate. In the short term, the exchange rate of a country (or region) is determined by the demand and supply of that country's (or region's) currency in exchange for foreign currency. Foreigners buying domestic goods, investing in the country, and investing in the domestic currency affect the demand for the domestic currency. Domestic residents want to buy foreign products, invest in foreign countries, and foreign exchange speculation affect the country's money supply. In the long run, the main factors affecting the exchange rate are: relative price levels, tariffs and quotas, preference for domestic goods relative to foreign goods, and productivity.

The gold standard era

is a monetary system with gold as the standard currency, including gold coins, gold nuggets and gold exchange standards. Before World War I, a typical gold coin standard prevailed, characterized by gold coins as the standard currency; free casting and melting; free exchange between gold coins and bank notes; and free export and import of gold coins as world currency. Each country stipulates the weight and fineness of gold contained in each gold mint unit, that is, the gold content. The price ratio between currencies is converted by the gold content. The ratio of the gold content of the standard currencies of the two countries is the mint parity (Mint). Par). For example: the gold content of 1 pound coin is 113.0016 grains, the gold content of 1 US dollar coin is 23.22 grains, the mint parity is 113.0016÷23.22=4.8665, that is, 1 pound is equivalent to approximately 4.8665 US dollars.

The exchange rate so specified may fluctuate, but the fluctuation range has certain limits. This limit is called the gold transport point (Gold Transport

Points). The gold transport point is equal to the mint parity plus the cost of exporting gold from one country or importing gold from another country, including the cost of packaging and transporting gold. fees and shipping insurance. If exchange rate fluctuations make it more cost-effective to use gold directly for international settlement between two countries than to use foreign exchange, traders would rather ship gold directly. Through this mechanism, exchange rate fluctuations can be automatically maintained within a certain range.

The Era of Paper Money

Under the paper currency system, various countries issued banknotes as representatives of metal currencies, and based on past practices, the gold content of banknotes was stipulated by law, which was called gold parity. The comparison is the basis for determining the exchange rate between the two countries. However, banknotes cannot be exchanged for gold, so the legal gold content of banknotes is often in vain. Therefore, in countries that implement official exchange rates, the national monetary authorities (treasury, central bank or foreign exchange management authority) set the exchange rate, and all foreign exchange transactions must be conducted according to this exchange rate. In countries that implement market exchange rates, the exchange rate changes with changes in the supply and demand for currencies in the foreign exchange market.

Exchange rates have an impact on the balance of payments, national income, etc.

The exchange rate is constantly changing. When using it, please refer to the current exchange rate on the day you need. When exchanging at bank counters and online banking, the real-time quotation at that time is based on it.

For example: to query the latest exchange rate, you can enter "South Korean won to RMB exchange rate" on Baidu, and you can directly see the latest exchange ratio

Another way:

1 .The futures foreign exchange market software comes with foreign exchange market trends

2. Major financial websites also have foreign exchange quotes

3. You can also check the exchange rate through the foreign exchange query tool that comes with your mobile phone< /p>

4. Most mobile futures market software also comes with major currency exchange rates

Reference materials:

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