Thee exchange rate is the price of foreign currency in terms of domestic currency, and it varies from time to time.

外汇汇率是以本国货币表示的外国货币的价格。

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Interest rate parity theory is the basic theory describing the decisive role of divergence in domestic and foreign interest rates to currency exchange rate of a country.

利率平价理论是阐述国内外利率水平差异对一国货币汇率起决定作用的基本学说。

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Using foreign currency for domestic spending simply doesn't work under China's current exchange-rate regime, because the dollars always end up back at the People's Bank of China.

在中国目前的汇率制度下将外汇储备用于国内支出也是行不通的，因为花出去的美元最终总是会回到央行手中。

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If a central bank buys foreign currency to hold down the exchange rate of the domestic currency, it creates more domestic money.

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The problem, however, is that policymakers may not want to make their domestic monetary policies subject to formal exchange-rate targets for the sake of global currency-market stability.

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In testimony before the Senate budget committee last week, he stated that the Chinese government's massive exchange-rate interventions were causing growing imbalances in the domestic economy that will force China to abandon its currency peg.

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