The foreign exchange rate refers to the ratio published by the national unified management institution of foreign exchange for converting the domestic currency unit into foreign currency units. In China, the People's Bank of China announces the central parity rate of RMB against other major country currencies every day based on the price formed in the inter-bank foreign exchange trading market on the previous day. That is, the People's Bank of China is the central institution in China for the unified management of foreign exchange rates; by convention, it is synonymous with "exchange rate", "foreign exchange price", and "foreign exchange market".