Forward discount: it is a relative concept of forward discount, which means that the forward exchange rate is lower than the spot exchange rate. In the futures market, forward discount usually refers to the phenomenon that the price of distant futures is always lower than that of recent months.

Generally speaking, the pricing method of forward exchange rate is only to mark forward premium or discount.

1. In the case of direct quotation, if the forward exchange rate is a forward discount, it is the forward exchange rate minus the spot exchange rate discount.

2. In the case of indirect pricing method, on the contrary, if the forward exchange rate is a forward discount, it is necessary to add the discount number to the spot exchange rate, which is the forward exchange rate.