Just because a friend has been speculating in Malaysian foreign exchange for more than two years and made money does not mean that speculating in foreign exchange is reliable. This is an industry that is likely to lose money. Foreign exchange will be affected by local policies, national conditions, disasters, economy and other aspects, just like stock trading, not all of them make money. It is suggested not to blindly follow the trend just because a person makes money to prevent the loss of funds.

I. Exchange rate conversion formula

The currencies in which the four major banks have foreign exchange business are (average selling price of banks, average buying price of banks and benchmark price of the People's Bank of China) /3, and the exchange rate of unconventional foreign currencies against the US dollar in the foreign exchange market is recalculated in RMB. Enter the amount of Malaysian ringgit (MYR) or RMB to be converted, select the original currency and target currency, and click "Convert" to calculate the amount of convertible ringgit converted into RMB according to the latest real-time exchange rate today. If you want to calculate the Malay exchange rate of multiple currencies, please use the foreign currency exchange rate calculator.

2. What kinds of foreign exchange are there?

Spot foreign exchange transaction: also known as spot foreign exchange transaction, refers to the foreign exchange transaction in which both parties agree to handle the delivery within two working days after the transaction.

Forward transaction: also known as forward foreign exchange transaction, refers to the foreign exchange transaction that is delivered at the time agreed in the contract without foreign exchange transaction after the transaction.

Hedging: refers to a foreign exchange trading method that uses different foreign exchange markets, different currencies, different delivery times, and some differences in currency exchange rates and interest rates to buy from the low-priced end and sell from the high-priced end to make profits.

Arbitrage transaction: using the interest rate difference between the two countries' currency markets to transfer funds from one market to another and earn profits.

To sum up, the so-called foreign exchange futures refer to futures contracts that take the exchange rate as the subject matter to avoid exchange rate risks, and are the earliest varieties of financial futures. Therefore, there are many similarities with other futures or stocks, and it is not a profitable business, so everyone must pay attention when speculating Malaysian foreign exchange.