From ancient times to the present, how did currencies have developed step by step to today’s style?
What is money? The role of money? The expression of money?
1 thought on “From ancient times to the present, how did currencies have developed step by step to today’s style?”
Kyle
Currency This currency (referred to as a currency) is a tool for material exchange, and sometimes only “currency”. It is rooted in goods and is a special product. It is the specific expression and measurement unit of money. The currency area refers to a country or region that circulates and uses a single currency. Different currency areas need to introduce the concept of exchange rates when exchanging currencies.
Introduction
In general, each country only uses the only currency and is issued and controlled by the central bank. However, there are exceptions, that is, the same currency can be used in multiple countries. For example, the euro universal in the EU countries, the francs in West Africa’s economic community, and the Latin currency alliance in the 19th century, the names are different but can be freely circulated in the alliance. A country can choose the currency of other countries as the legal circulation currency, for example, Panama chose US dollars as a legal currency. Currency in different countries may also use the same names, such as before using the euro in France and Belgium, they and Switzerland’s currencies are called Fran. Sometimes due to special reasons, different autonomous bodies in the same country may also issue different versions of currency, such as in the UK, including the Jersey Island and Genxi Island, which include England, Scotland, or even remote islands, and Genxi Island. And they can be traded in other parts of the UK, but only the English pound is the internationally recognized trading currency, and other versions of British pounds may be rejected after taking out Britain.
each basic currency unit can usually be divided into smaller auxiliary currency. The most commonly used ratio is 1/100 of the main currency, for example, 100 points = 1 yuan. Prior to the public system of the French Revolution, 1/20/240 was adopted in European history. For example, in the UK, 1 pound was equal to the 20th order and 240 pence; the situation in France was 12 (SOL), 20 Su is 1 Livre (also known as lithium). 1: 1: 7, 1: 14, 1: 25, 1: 10, 1: 1000 and other inlet system have also been used.
The currencies in some countries have no auxiliary currency, or although there are auxiliary currencies, but because the currency value is too small, it is only theoretical converter unit without issuing actual currencies, such as yen and Han Yuan.
History
The object exchange
The history of human use of human currency produced in the earliest era of material exchange. In the primitive society, people use objectives to exchange the materials they need, such as a sheep to change a stone ax. However, sometimes restrictions on the types of materials used for exchanges have to find a item that can be accepted by both parties. This item is the most primitive currency. Livestock, salt, rare shells, rare bird feathers, gems, sand gold, stones and other items that are not easy to obtain in large quantities have been used as currencies.
The metal currency
has been eliminated for many years, and in most society, items used as currency are gradually replaced by metals. The advantage of using metal currencies is that its manufacturing requires manual, cannot be obtained from nature, and is easy to store. Copper with scarce gold, silver, and smelting difficulties has gradually become the main currency metal. Some countries and regions have used iron currencies.
The early metal currency was blocky. When used, it was necessary to test the color with test stones first, and at the same time, the weight of the scale was required. With the development of human civilization, a more complicated and advanced currency system has gradually established. People in ancient Greece, Rome, and Persia cast a unified coin with weight and unified color. In this way, when using currency, there is no need to weigh weight or test color, which is undoubtedly much more convenient. These coins have the avatars of the king or the emperor, the complicated coats and seal patterns, so as not to fake.
r
The main currency in Western countries is gold and silver coins, and the auxiliary currency is made of copper and copper alloy. With the development of European socio -economic development, the volume of commodity transactions gradually increased. By the 15th century, the economically developed Frandez and the states of northern Italy had a tightening panic. Since the 16th century, a large number of gold and silver from the Americas have flowed into Europe through Spain, saved the European currency system, and created the conditions for the development of the capitalist economy in Europe.
China
With the further development of the economy, metal currency also showed inconvenience in use. A large amount of metal coins need to be used in large amounts of transactions, and their weight and volume are annoying. The problem of wearing in the use of metal currencies. According to incomplete statistics, since humans use gold as currency, more than 20,000 tons of gold have been in the mint, or in people’s hands, money bags, and clothing pockets Middle grind. So as a symbol of the symbol of metal currency, it appeared. The earliest banknotes in the world appeared in Sichuan, China during the Song Dynasty.
Golden standard
The initial banknotes are based on gold. They can be freely exchanged with gold. By the end of the 19th century, the capitalist economy had an unprecedented expansion and development, so banknotes gradually became the main circulation currency, but they still had gold as a guarantee for issuance. This currency system is called “golden -based”.
The currency anti -counterfeiting
The problem of fake currency and the currency system. In the era of metal currency, the method of fake is to put cheap metals such as copper and lead in gold coins. The only way to deal with this crime at that time was to use severe punishment once it was discovered to intimidate forgery.
The banknotes are easier to forge. After the French Revolution, a bond with confiscated church real estate was issued as a banknote. In order to destroy the French economy, the British government has forged this currency (at the same time, it is stipulated that private falsification of French banknotes will be sentenced to death). This is also one of the earliest economic war. During the Second World War, Germany once forged a large number of banknotes in Britain and the United States in a concentration camp. The records of fake banknotes for private or criminal organizations are also emerging. In order to avoid falsification, banknotes have adopted a lot of anti -counterfeiting measures: special special paper, glue version convex, watermark, magnetic ink, metal safety line, ultraviolet fluorescence signs, color -changing ink, positive and negative pattern printing (this technology is the most on French Frangle Very eye -catching) and so on. Australia, New Zealand and other countries have also issued plastic currencies.
The modern currency
In the gold standard system, the currency between the countries that implement the gold-based position according to their respective gold content-Gold Parity to determine the exchange of redeeming ratio. This system is based on the free flow of gold. After the outbreak of the First World War, the British, France, Russia, Germany, Japan and other participating countries have banned gold exports. The golden standard system has actually collapsed.
Is after World War I, Germany, Austria and other countries had a significant depreciation of currencies. Since then, there is no fixed exchange rate foundation between currencies. The Bretton Forest Agreement in 1944 stipulated that the currency of the member states of the International Monetary Fund should be linked to the gold or US dollar to implement a fixed exchange rate exchange. This agreement establishes the international currency status of the dollar, and the currency system established by each country is called the Bretton Forest system. In August 1971, the US dollar stopped the free exchange with gold, and the Bretton Forest system declared collapse. Since then, enter the era of symbol currency. Since then, the floating exchange rate has been implemented between countries. Some more stable or appreciation potential currencies, such as Switzerland’s Farahiro, West Mark, and so on.
The International Standard Organization (ISO) specifies a symbol system for a three -digit letter to represent currencies of various countries. This standard is codenamed ISO 4217.
The exchange rate changes between currencies between countries around the world can be seen in the currency exchange rate table.
The money of currency
Since the currency root belongs to the product, he has the same value and exchange value as all products. When in different forms of value movement, the role of currency is different: value scale, circulation means, payment methods, storage methods, and world currencies. Among them, value scale and circulation means are the basic functions of currency. The other three functions are derived functions formed on the basis of the two.
value scale
value scale is the direct manifestation of currency as social labor. As a commodity, the currency itself can compare the amount of quantity with other products in the standard. At this time, the value form of the product is transformed into a price form. The value of the value expressed by the currency is the price. When the value of the money execution value is the function, the currency only needs to exist in imagination or conceptual form, but his unit must rely on the currency circulating in reality. It is precisely because of the value of currency value that people can convert different forms of goods into the price form of currency first, and then exchange with other products. There is also a difference between the amount of currency as a commodity, so people also formulate a standard for currency, that is, the specified price standard (sometimes also known as the price bid). The currency units and equal parts containing a certain metal weight are made.
The circulation means
In the implementation of the currency to the circulation method, the exchange of goods is possible. The circulation method is the development of monetary value scale functions. The generation of currencies has made the exchange between goods directly exchanged into the exchange of currency as a medium. That is, the product -product to the product -currency -commodity. There are not only formal differences between the two, but also the difference in nature.
This currency
The monetary system of ancient China is based on copper coins. Earlier currency forms have not yet been discovered. The initial copper coins have a variety of shapes, including many forms such as knife coins, cloth coins, and ant nose money. After Qin Shihuang unified China, he ordered the copper coins across the country to take Qin’s copper coins as the standard. Because the copper coins are poured with sand molds, the casting copper coins are brought with hair edges, so there is a square hole in the middle of it to use a wooden stick to polish the repair. This special shape makes it given many symbolic mysterious explanations. Some people think that the circular shape of copper coins represents “Tian”, and the square hole in the center represents “earth”. There is usually the emperor’s year on the copper coin.
Cin coins are rare in ancient China. During the Spring and Autumn Period and the Warring States Period, Chu State in the Yangtze River Basin of the southern China had used gold cakes and gold slices. But in other areas and dynasties, gold is mainly used for decoration and value preservation. In the second century BC, Emperor Hanwu in the Western Han Dynasty had issued white deer skin currency to reward the aristocratic and military generals. In addition to copper coins, living materials such as cotton, silk, rice, and rice have also been used as the calculation unit (not the actual currency) to pay the salary of bureaucrats and troops. After the Tang Dynasty, silver currency gradually became widely circulated. Although the silver in the state treasury and the official silver is cast into ingots in accordance with the unified color and weight to store it in order to store it, but the silver of the circulating silver is not a coin, but a fragmented block circulation. These tedious procedures. Large silver ingots should be cut and cut with clips. The fragmented small silver ingots need to be re -cast from the silver artist to cause larger silver ingots. There are many reasons why China does not use silver coins, but the main reason is that due to the political instability, the official cannot provide guarantee for the issued silver coins. At the same time To support the silver -based currency system.
The was extremely inconvenient to carry a large amount of copper coins. During the highly developed Northern Song Dynasty, the banknotes of the hand appeared. This is also one of the earliest banknotes in the world. But it is more like a bill for banknotes in the modern sense. The Yuan Dynasty established by the Mongolians used banknotes and regarded it as one of the magic methods to solve economic difficulties. Regardless of the actual currency circulation and economic level, they issued a large number of unreamed banknotes, resulting in the earliest inflation. The Yuan Dynasty was replaced by the Ming Dynasty established by the Han people. The founding emperor Zhu Yuanzhang was a conservative agricultural principal. He believes that banknotes are things from aliens and should be abandoned. However, the Ming Dynasty also issued banknotes called “Damingbao Banknotes”. This banknote is rarely used in the people.
The in the middle and late Ming Dynasty, silver began to flow into China in large quantities, becoming the same metal currency as copper coins. During the Qing Dynasty, Silver had become the main currency unit of the country (“two”). At the end of the Qing Dynasty, the silver dollar in Mexico began to circulate a lot in China. During the reign of Emperor Guangxu, China cast its own silver coins and set up a bank bank to issue regular banknotes. In 1935, China implemented a fiat currency system and officially abolished the silver. According to the 1936 China White Silver Agreement, the fiat currency is equal to $ 0.265.
This Chinese currency This Chinese currency is called RMB, which is issued by the National Bank of China. The unit of the RMB is Yuan, the auxiliary currency is angle and division. One yuan is a cotton, and one corner is very. There are banknotes in Yuan, horns, and divisions. Yuan’s ticket surface is 1, 2, 5, 10 yuan, 50 yuan, and 100 yuan. The angle of the angle has 1, 2, and 5 corners, and the denomination of the score is 1, 2, and 5 points. The abbreviation symbol of the yuan is RMB ￥. Foreign currency exchange
The foreign currency that can be collected in my country now includes: USD, British French, German Mark, Australia, Australia, Austrian Pioneer, Belgian franc, Canada, Canada Yuan, Hong Kong dollars, Swiss francs, Danish Krony, Dutch Shield, Norwegian Cran, Sweden Crane, Singapore Yuan, Malaysia Linkt, Italy, Macau, Finland Mark, etc. Banks to handle foreign currencies and exchanges business have become foreign currency exchange business.
If according to the current foreign exchange management laws of China, foreign currency circulation is prohibited within the territory of the People’s Republic of China, and foreign currency is not allowed to be settled. In order to facilitate foreign guests and Hong Kong, Macao and Taiwan compatriots who come to China, in addition to receiving foreign currency travel checks and foreign credit cards for renminbi, Bank of China and other foreign exchange designated banks also accept 22 foreign currency cash and Taiwan New Taiwan dollar exchange business. In addition, in order to be convenient to the holders as much as possible, in addition to banks, some hotels, restaurants, or shops can also handle foreign currency exchanges for RMB. The RMB that has not been used after the exchange can be exchanged for foreign currency with a foreign exchange exchange order that is valid within six months before leaving the country to carry out of the country. Different card prices are used when exchanged in different situations. The purchase price of travel checks, credit cards, and remittances; redeem foreign exchange, including foreign currency cash, using selling exchange rates; redeem foreign currency cash, and use cash to buy.
Currency
This currency (referred to as a currency) is a tool for material exchange, and sometimes only “currency”. It is rooted in goods and is a special product. It is the specific expression and measurement unit of money. The currency area refers to a country or region that circulates and uses a single currency. Different currency areas need to introduce the concept of exchange rates when exchanging currencies.
Introduction
In general, each country only uses the only currency and is issued and controlled by the central bank. However, there are exceptions, that is, the same currency can be used in multiple countries. For example, the euro universal in the EU countries, the francs in West Africa’s economic community, and the Latin currency alliance in the 19th century, the names are different but can be freely circulated in the alliance. A country can choose the currency of other countries as the legal circulation currency, for example, Panama chose US dollars as a legal currency. Currency in different countries may also use the same names, such as before using the euro in France and Belgium, they and Switzerland’s currencies are called Fran. Sometimes due to special reasons, different autonomous bodies in the same country may also issue different versions of currency, such as in the UK, including the Jersey Island and Genxi Island, which include England, Scotland, or even remote islands, and Genxi Island. And they can be traded in other parts of the UK, but only the English pound is the internationally recognized trading currency, and other versions of British pounds may be rejected after taking out Britain.
each basic currency unit can usually be divided into smaller auxiliary currency. The most commonly used ratio is 1/100 of the main currency, for example, 100 points = 1 yuan. Prior to the public system of the French Revolution, 1/20/240 was adopted in European history. For example, in the UK, 1 pound was equal to the 20th order and 240 pence; the situation in France was 12 (SOL), 20 Su is 1 Livre (also known as lithium). 1: 1: 7, 1: 14, 1: 25, 1: 10, 1: 1000 and other inlet system have also been used.
The currencies in some countries have no auxiliary currency, or although there are auxiliary currencies, but because the currency value is too small, it is only theoretical converter unit without issuing actual currencies, such as yen and Han Yuan.
History
The object exchange
The history of human use of human currency produced in the earliest era of material exchange. In the primitive society, people use objectives to exchange the materials they need, such as a sheep to change a stone ax. However, sometimes restrictions on the types of materials used for exchanges have to find a item that can be accepted by both parties. This item is the most primitive currency. Livestock, salt, rare shells, rare bird feathers, gems, sand gold, stones and other items that are not easy to obtain in large quantities have been used as currencies.
The metal currency
has been eliminated for many years, and in most society, items used as currency are gradually replaced by metals. The advantage of using metal currencies is that its manufacturing requires manual, cannot be obtained from nature, and is easy to store. Copper with scarce gold, silver, and smelting difficulties has gradually become the main currency metal. Some countries and regions have used iron currencies.
The early metal currency was blocky. When used, it was necessary to test the color with test stones first, and at the same time, the weight of the scale was required. With the development of human civilization, a more complicated and advanced currency system has gradually established. People in ancient Greece, Rome, and Persia cast a unified coin with weight and unified color. In this way, when using currency, there is no need to weigh weight or test color, which is undoubtedly much more convenient. These coins have the avatars of the king or the emperor, the complicated coats and seal patterns, so as not to fake.
r
The main currency in Western countries is gold and silver coins, and the auxiliary currency is made of copper and copper alloy. With the development of European socio -economic development, the volume of commodity transactions gradually increased. By the 15th century, the economically developed Frandez and the states of northern Italy had a tightening panic. Since the 16th century, a large number of gold and silver from the Americas have flowed into Europe through Spain, saved the European currency system, and created the conditions for the development of the capitalist economy in Europe.
China
With the further development of the economy, metal currency also showed inconvenience in use. A large amount of metal coins need to be used in large amounts of transactions, and their weight and volume are annoying. The problem of wearing in the use of metal currencies. According to incomplete statistics, since humans use gold as currency, more than 20,000 tons of gold have been in the mint, or in people’s hands, money bags, and clothing pockets Middle grind. So as a symbol of the symbol of metal currency, it appeared. The earliest banknotes in the world appeared in Sichuan, China during the Song Dynasty.
Golden standard
The initial banknotes are based on gold. They can be freely exchanged with gold. By the end of the 19th century, the capitalist economy had an unprecedented expansion and development, so banknotes gradually became the main circulation currency, but they still had gold as a guarantee for issuance. This currency system is called “golden -based”.
The currency anti -counterfeiting
The problem of fake currency and the currency system. In the era of metal currency, the method of fake is to put cheap metals such as copper and lead in gold coins. The only way to deal with this crime at that time was to use severe punishment once it was discovered to intimidate forgery.
The banknotes are easier to forge. After the French Revolution, a bond with confiscated church real estate was issued as a banknote. In order to destroy the French economy, the British government has forged this currency (at the same time, it is stipulated that private falsification of French banknotes will be sentenced to death). This is also one of the earliest economic war. During the Second World War, Germany once forged a large number of banknotes in Britain and the United States in a concentration camp. The records of fake banknotes for private or criminal organizations are also emerging. In order to avoid falsification, banknotes have adopted a lot of anti -counterfeiting measures: special special paper, glue version convex, watermark, magnetic ink, metal safety line, ultraviolet fluorescence signs, color -changing ink, positive and negative pattern printing (this technology is the most on French Frangle Very eye -catching) and so on. Australia, New Zealand and other countries have also issued plastic currencies.
The modern currency
In the gold standard system, the currency between the countries that implement the gold-based position according to their respective gold content-Gold Parity to determine the exchange of redeeming ratio. This system is based on the free flow of gold. After the outbreak of the First World War, the British, France, Russia, Germany, Japan and other participating countries have banned gold exports. The golden standard system has actually collapsed.
Is after World War I, Germany, Austria and other countries had a significant depreciation of currencies. Since then, there is no fixed exchange rate foundation between currencies. The Bretton Forest Agreement in 1944 stipulated that the currency of the member states of the International Monetary Fund should be linked to the gold or US dollar to implement a fixed exchange rate exchange. This agreement establishes the international currency status of the dollar, and the currency system established by each country is called the Bretton Forest system. In August 1971, the US dollar stopped the free exchange with gold, and the Bretton Forest system declared collapse. Since then, enter the era of symbol currency. Since then, the floating exchange rate has been implemented between countries. Some more stable or appreciation potential currencies, such as Switzerland’s Farahiro, West Mark, and so on.
The International Standard Organization (ISO) specifies a symbol system for a three -digit letter to represent currencies of various countries. This standard is codenamed ISO 4217.
The exchange rate changes between currencies between countries around the world can be seen in the currency exchange rate table.
The money of currency
Since the currency root belongs to the product, he has the same value and exchange value as all products. When in different forms of value movement, the role of currency is different: value scale, circulation means, payment methods, storage methods, and world currencies. Among them, value scale and circulation means are the basic functions of currency. The other three functions are derived functions formed on the basis of the two.
value scale
value scale is the direct manifestation of currency as social labor. As a commodity, the currency itself can compare the amount of quantity with other products in the standard. At this time, the value form of the product is transformed into a price form. The value of the value expressed by the currency is the price. When the value of the money execution value is the function, the currency only needs to exist in imagination or conceptual form, but his unit must rely on the currency circulating in reality. It is precisely because of the value of currency value that people can convert different forms of goods into the price form of currency first, and then exchange with other products. There is also a difference between the amount of currency as a commodity, so people also formulate a standard for currency, that is, the specified price standard (sometimes also known as the price bid). The currency units and equal parts containing a certain metal weight are made.
The circulation means
In the implementation of the currency to the circulation method, the exchange of goods is possible. The circulation method is the development of monetary value scale functions. The generation of currencies has made the exchange between goods directly exchanged into the exchange of currency as a medium. That is, the product -product to the product -currency -commodity. There are not only formal differences between the two, but also the difference in nature.
This currency
The monetary system of ancient China is based on copper coins. Earlier currency forms have not yet been discovered. The initial copper coins have a variety of shapes, including many forms such as knife coins, cloth coins, and ant nose money. After Qin Shihuang unified China, he ordered the copper coins across the country to take Qin’s copper coins as the standard. Because the copper coins are poured with sand molds, the casting copper coins are brought with hair edges, so there is a square hole in the middle of it to use a wooden stick to polish the repair. This special shape makes it given many symbolic mysterious explanations. Some people think that the circular shape of copper coins represents “Tian”, and the square hole in the center represents “earth”. There is usually the emperor’s year on the copper coin.
Cin coins are rare in ancient China. During the Spring and Autumn Period and the Warring States Period, Chu State in the Yangtze River Basin of the southern China had used gold cakes and gold slices. But in other areas and dynasties, gold is mainly used for decoration and value preservation. In the second century BC, Emperor Hanwu in the Western Han Dynasty had issued white deer skin currency to reward the aristocratic and military generals. In addition to copper coins, living materials such as cotton, silk, rice, and rice have also been used as the calculation unit (not the actual currency) to pay the salary of bureaucrats and troops. After the Tang Dynasty, silver currency gradually became widely circulated. Although the silver in the state treasury and the official silver is cast into ingots in accordance with the unified color and weight to store it in order to store it, but the silver of the circulating silver is not a coin, but a fragmented block circulation. These tedious procedures. Large silver ingots should be cut and cut with clips. The fragmented small silver ingots need to be re -cast from the silver artist to cause larger silver ingots. There are many reasons why China does not use silver coins, but the main reason is that due to the political instability, the official cannot provide guarantee for the issued silver coins. At the same time To support the silver -based currency system.
The was extremely inconvenient to carry a large amount of copper coins. During the highly developed Northern Song Dynasty, the banknotes of the hand appeared. This is also one of the earliest banknotes in the world. But it is more like a bill for banknotes in the modern sense. The Yuan Dynasty established by the Mongolians used banknotes and regarded it as one of the magic methods to solve economic difficulties. Regardless of the actual currency circulation and economic level, they issued a large number of unreamed banknotes, resulting in the earliest inflation. The Yuan Dynasty was replaced by the Ming Dynasty established by the Han people. The founding emperor Zhu Yuanzhang was a conservative agricultural principal. He believes that banknotes are things from aliens and should be abandoned. However, the Ming Dynasty also issued banknotes called “Damingbao Banknotes”. This banknote is rarely used in the people.
The in the middle and late Ming Dynasty, silver began to flow into China in large quantities, becoming the same metal currency as copper coins. During the Qing Dynasty, Silver had become the main currency unit of the country (“two”). At the end of the Qing Dynasty, the silver dollar in Mexico began to circulate a lot in China. During the reign of Emperor Guangxu, China cast its own silver coins and set up a bank bank to issue regular banknotes. In 1935, China implemented a fiat currency system and officially abolished the silver. According to the 1936 China White Silver Agreement, the fiat currency is equal to $ 0.265.
This Chinese currency
This Chinese currency is called RMB, which is issued by the National Bank of China. The unit of the RMB is Yuan, the auxiliary currency is angle and division. One yuan is a cotton, and one corner is very. There are banknotes in Yuan, horns, and divisions. Yuan’s ticket surface is 1, 2, 5, 10 yuan, 50 yuan, and 100 yuan. The angle of the angle has 1, 2, and 5 corners, and the denomination of the score is 1, 2, and 5 points. The abbreviation symbol of the yuan is RMB ￥.
Foreign currency exchange
The foreign currency that can be collected in my country now includes:
USD, British French, German Mark, Australia, Australia, Austrian Pioneer, Belgian franc, Canada, Canada Yuan, Hong Kong dollars, Swiss francs, Danish Krony, Dutch Shield, Norwegian Cran, Sweden Crane, Singapore Yuan, Malaysia Linkt, Italy, Macau, Finland Mark, etc. Banks to handle foreign currencies and exchanges business have become foreign currency exchange business.
If according to the current foreign exchange management laws of China, foreign currency circulation is prohibited within the territory of the People’s Republic of China, and foreign currency is not allowed to be settled. In order to facilitate foreign guests and Hong Kong, Macao and Taiwan compatriots who come to China, in addition to receiving foreign currency travel checks and foreign credit cards for renminbi, Bank of China and other foreign exchange designated banks also accept 22 foreign currency cash and Taiwan New Taiwan dollar exchange business. In addition, in order to be convenient to the holders as much as possible, in addition to banks, some hotels, restaurants, or shops can also handle foreign currency exchanges for RMB. The RMB that has not been used after the exchange can be exchanged for foreign currency with a foreign exchange exchange order that is valid within six months before leaving the country to carry out of the country. Different card prices are used when exchanged in different situations. The purchase price of travel checks, credit cards, and remittances; redeem foreign exchange, including foreign currency cash, using selling exchange rates; redeem foreign currency cash, and use cash to buy.