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。
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。
A strong currency is good
It helps importers and travellers, hurts exporters and tourism.
Depreciation is a crisis
A slow slide can be an adjustment; a disorderly fall is the crisis.
Purchasing power parity sets the rate
It is a long-run anchor, not a short-run price.
· 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。
· 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。
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。