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How exchange rates work

汇率是如何运作的

An exchange rate is the price of one currency expressed in another. Rates change continuously because they are set by global forex markets, where banks, central banks, hedge funds, and corporations trade currencies around the clock.

汇率是一种货币以另一种货币表示的价格。汇率不断变化，因为它由全球外汇市场决定 —— 银行、中央银行、对冲基金、企业在全天 24 小时不间断交易。

The "mid-market rate" — the midpoint between the buy and sell prices — is the most honest reference. Banks and money-transfer services typically add a markup or fee on top of it. That gap is where they make their margin.

"中间价"是买入价和卖出价的中点，是最公允的参考。银行和汇款服务通常会在中间价基础上加价或收取手续费，那个差价就是它们的利润空间。