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货币与利率

Exchange rate

rates 0 篇文章 更新于 2026-11-12 15:24 CEFR B2

01定义Definition

Official definition · 官方定义

“An exchange rate is the rate at which one currency can be exchanged for another between nations or economic zones.”[1]

— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25

An exchange rate is the price of one currency in another. It moves with relative interest rates, trade flows and expectations, and it changes the price of everything a country imports or exports.

汇率是一种货币用另一种货币表示的价格。它随相对利率、贸易流动和预期变化,并直接改变一国进出口所有商品的价格。

02它怎么运作How it works

STEP 01
Rates attract or repel capital
利率更高的一方吸引资金流入。
STEP 02
Capital flows move the currency
资金进出直接推动汇率。
STEP 03
A stronger currency cheapens imports
本币升值,进口变便宜。
STEP 04
Exports get dearer abroad
出口在国外变贵,竞争力下降。

03为什么重要Why it matters

A currency is a transmission belt. When the dollar rises, American exporters earn less abroad and importers pay less, which shows up in earnings a quarter or two later. For countries that borrow in dollars, a stronger dollar also raises the local cost of repayments — the reason emerging-market crises often start with a dollar move, not a local one.

汇率是一条传导带。美元升值时,美国出口商在海外赚得更少、进口商付得更少,这个影响会在一两个季度后体现在财报上。

对借美元的国家来说,美元走强还会抬高本币计的还本成本——这就是为什么新兴市场危机往往从美元一动开始,而不是本地出问题。

05常见误读Common misreadings

Looks like看着像

A strong currency is good

Actually其实是

It helps importers and travellers, hurts exporters and tourism.

「货币强就是好」——利好进口商和出境游,打击出口和旅游收入。
Looks like看着像

Depreciation is a crisis

Actually其实是

A slow slide can be an adjustment; a disorderly fall is the crisis.

「贬值就是危机」——缓慢下滑可以是调整,失序暴跌才是危机。
Looks like看着像

Purchasing power parity sets the rate

Actually其实是

It is a long-run anchor, not a short-run price.

「购买力平价决定汇率」——它是长期锚,不是短期价格。

06语言笔记Language notes

Collocations固定搭配

· the dollar strengthened against the yen
· a weaker currency
· currency depreciation
· pegged exchange rate
· capital flight

the dollar strengthened against the yen 美元对日元走强;a weaker currency 货币走弱;currency depreciation 贬值;pegged exchange rate 钉住汇率;capital flight 资本外逃。

Don't confuse易混

· depreciation vs devaluation (market vs official)
· nominal vs real exchange rate

depreciation 是市场跌出来的,devaluation 是官方主动下调;nominal 是名义汇率,real 是扣掉两国物价差之后的。

Sentence pattern句型

The yuan weakened past 7.2 per dollar, its lowest level in X months.

汇率句:人民币跌破 7.2 兑 1 美元,为 X 个月最低——past 和 lowest 搭配,表示突破了一个心理关口。

07一张图看懂One picture

One move, two winnersA stronger currencyImports cheaperinflation fallstravellers gainexporters loseA weaker currencyExports cheaperinflation risestravellers loseexporters gainThe same move helps one side of the economy and hurts the other.
There is no good or bad exchange rate in the abstract — only winners and losers inside the same economy.
抽象地说没有「好汇率」或「坏汇率」,只有同一经济体里的受益者和受损者;图里出口与进口两条线的方向正好相反。

08延伸阅读Further reading

09出现在这些文章里Appears in

10相关概念Related

11引用与出处References

  1. [1]Corporate Finance Institute. CFI Resource Library. corporatefinanceinstitute.com ↗accessed 2026-10-25 · 引用于「官方定义」第 1 句