Exchange Rates · 汇率
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| currency/ˈkʌrənsi/ | 货币 | huò bì |
| exchange rate/eksˈtʃeɪndʒ reɪt/ | 汇率 | huì lǜ |
| Appreciation/əˌpriːʃɪˈeɪʃn/ | 升值 | shēng zhí |
| Depreciation/dɪˌpriːʃɪˈeɪʃn/ | 贬值 | biǎn zhí |
| floating exchange rate/ˈfləʊtɪŋ eksˈtʃeɪndʒ reɪt/ | 浮动汇率 | fú dòng huì lǜ |
The price of one currency in another
- An exchange rate 汇率 is the price of one currency 货币 in terms of another.
- For example: how many yuan it takes to buy one US dollar.
- Because it is a price, it can rise or fall like any other.
- Two words describe those moves — and they are easy to mix up.
一种货币用另一种货币表示的价格
- 汇率(exchange rate)是一种货币(currency)用另一种货币表示的价格。
- 例如:买一美元需要多少人民币。
- 因为它是一个价格,它能像任何价格一样上升或下降。
- 有两个词描述这些变动——而且很容易搞混。
An exchange rate is: · 汇率是:
It says how much of one currency buys another. · 它说明一种货币能买多少另一种货币。
When a currency becomes more valuable and buys more foreign currency, it has ______. · 当一种货币变得更值钱、能买更多外币时,它______了。
More foreign currency per unit = appreciation. · 每单位买更多外币 = 升值。
One currency's appreciation is always the other currency's depreciation. · 一种货币的升值总是另一种货币的贬值。
They are two sides of the same price move. · 它们是同一个价格变动的两面。
Appreciation and depreciation
- Appreciation 升值 means a currency becomes more valuable — it buys more foreign currency.
- Depreciation 贬值 means a currency becomes less valuable — it buys less.
- The catch: one currency's appreciation is always the other's depreciation.
- If the dollar rises against the yuan, the yuan falls against the dollar.
升值与贬值
- 升值(appreciation)意味着一种货币变得更值钱——它能买更多外币。
- 贬值(depreciation)意味着一种货币变得不那么值钱——它买得更少。
- 关键:一种货币的升值总是另一种货币的贬值。
- 如果美元对人民币上升,人民币就对美元下降。
Appreciation or depreciation? · 升值还是贬值?
A currency appreciates when it buys more foreign currency, and depreciates when it buys less. One currency's appreciation is the other's depreciation. · 一种货币能买更多外币时升值,买更少时贬值。一种货币的升值就是另一种的贬值。
If $1 goes from buying 7 yuan to buying 8 yuan, then: · 如果 1 美元从买 7 人民币变成买 8 人民币,那么:
Each dollar buys more yuan, so the dollar rose; one currency's gain is the other's loss. · 每美元买更多人民币,所以美元上升;一种货币的收益是另一种的损失。
If $1 falls from 7 yuan to 6 yuan, the dollar has: · 如果 1 美元从 7 人民币跌到 6 人民币,美元:
Each dollar now buys fewer yuan, so it lost value. · 每美元现在买更少人民币,所以它贬值了。
Reading a rate change
- Worked idea. Suppose $1 buys 7 yuan. If$1 now buys 8 yuan, the dollar has appreciated (each dollar buys more yuan) — and the yuan has depreciated.
- If instead $1 falls to 6 yuan, the dollar has depreciated.
- Trick to remember: if your currency buys more foreign money, it appreciated.
- Always name which currency moved — "the dollar appreciated against the yuan."
读懂汇率变化
- 例题。 假设 1 美元买 7 人民币。如果 1 美元现在买 8 人民币,美元升值了(每美元买更多人民币)——而人民币贬值了。
- 如果相反,1 美元跌到 6 人民币,美元贬值了。
- 记忆技巧:如果你的货币能买更多外币,它就升值了。
- 总要说清哪种货币动了——"美元对人民币升值了"。
A floating exchange rate is set by: · 浮动汇率由什么决定:
Floating means the market sets it freely, not the government. · 浮动意味着市场自由决定,而非政府。
Floating rates
- Most major currencies use a floating exchange rate 浮动汇率.
- It is set freely by the supply of and demand for the currency in world markets.
- No government fixes it — it moves minute by minute as trading happens.
- The next lesson models exactly how that supply and demand set the rate.
浮动汇率
- 大多数主要货币使用浮动汇率(floating exchange rate)。
- 它由世界市场上对该货币的供给和需求自由决定。
- 没有政府固定它——它随交易发生而每分每秒变动。
- 下一课将精确地建模这种供给和需求如何决定汇率。
An exchange rate is the price of one currency in another. Appreciation = more valuable (buys more); depreciation = less valuable. One currency's appreciation is the other's depreciation ($1 = 7 \to 8$ yuan means the dollar appreciated, the yuan depreciated). Most rates float, set by supply and demand.
汇率是一种货币用另一种表示的价格。升值 = 更值钱(买更多);贬值 = 不那么值钱。一种货币的升值就是另一种的贬值($1 = 7 \to 8$ 人民币意味着美元升值、人民币贬值)。大多数汇率是浮动的,由供给和需求决定。