First of all, the domestic inflation rate has risen, which has led to the rise of domestic commodity prices. Assuming that the exchange rate remains unchanged, the price of domestic export commodities rises in the international market, which is obviously not conducive to commodity exports, leading to a decline in exports, an increase in imports and a decrease in foreign exchange supply, leading to an appreciation of foreign currency, a depreciation of local currency and a decline in exchange rate.

With the decline of the domestic exchange rate and the depreciation of the local currency, the prices of domestic commodities are competitive again in the international market, which leads to an increase in exports and a decrease in imports, resulting in a shortage of foreign exchange and an increase in exchange rates.

In this way, the exchange rate fluctuates under such circumstances.

So, the explanations of these two materials are correct, do you understand?