Life & Career · 汇率中间价与买卖价差 · Updated 2026-10-25
What Is FX Mid Rate & Spread?
Definition
The RMB mid rate is the benchmark published each morning by China's FX trade center (weighted dealer quotes) — the number media quote. Actual bank quotes around it come in four flavors: buying/selling × FX remittance/cash. Converting USD back to CNY uses the bank's buying rate; buying USD uses the selling rate — the spread is the bank's FX margin, wider for banknotes (logistics and vaulting costs) than for electronic balances. 'Today's rate is 7.2' is the mid; at the counter you transact on two-sided prices like 7.19/7.21.
Formula
Received = amount × direction-appropriate rate; cost = (sell − buy) ÷ mid rate
Worked Example
Mid 7.20, bank selling rate 7.213: buying USD 10,000 costs 72,130 CNY — 130 more than the mid-rate estimate. Twice a year, that is 260 CNY: the whole point of comparing banks.
Common Misconception
Mistaking the quoted mid/market rate for your execution price — retail always transacts on the two-sided quotes. Assuming cash and electronic FX are interchangeable — withdrawing and re-depositing banknotes adds another cash-vs-remittance conversion loss.
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