In agency import business, the commonly used exchange rates mainly fall into two scenarios. First, if the contract explicitly specifies an exchange rate, that rate should be followed, as it allows both parties to clarify exchange rate risks in advance and facilitates cost accounting. Second, if the contract does not specify, the bank's daily published foreign exchange rate is generally used. This includes the buying rate, selling rate, and middle rate, with the selling rate typically applied because the agency needs to purchase foreign currency from the bank using RMB to pay for the goods, and the bank calculates foreign currency sales at the selling rate. Additionally, some agencies may negotiate with the client to lock in an exchange rate for a certain period to mitigate risks from significant exchange rate fluctuations. For example, during periods of high volatility, both parties may agree to settle at a fixed rate. In summary, follow the contract terms if specified; otherwise, refer to the bank's daily rate and choose an appropriate rate based on the actual situation.
Professional consultant answers
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
In agency import business, the commonly used exchange rates mainly fall into two scenarios. First, if the contract explicitly specifies an exchange rate, that rate should be followed, as it allows both parties to clarify exchange rate risks in advance and facilitates cost accounting. Second, if the contract does not specify, the bank's daily published foreign exchange rate is generally used. This includes the buying rate, selling rate, and middle rate, with the selling rate typically applied because the agency needs to purchase foreign currency from the bank using RMB to pay for the goods, and the bank calculates foreign currency sales at the selling rate. Additionally, some agencies may negotiate with the client to lock in an exchange rate for a certain period to mitigate risks from significant exchange rate fluctuations. For example, during periods of high volatility, both parties may agree to settle at a fixed rate. In summary, follow the contract terms if specified; otherwise, refer to the bank's daily rate and choose an appropriate rate based on the actual situation.
Jennifer WangYears of service：4Customer Rating：5.0
Market development consultantConsult
Generally, the real-time exchange rate from the foreign exchange market is referenced. Agency import companies can obtain this through bank websites or forex trading platforms. This ensures the rate aligns with market conditions, though market fluctuations may introduce exchange rate risks for both parties.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
Some agency imports use the exchange rate on the customs declaration date. This aligns with the declared amount, simplifying financial accounting and customs clearance processes, ensuring consistency across all import transaction data.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
Another option is to use an average exchange rate over a period, such as a monthly average. This approach can smooth out the impact of exchange rate fluctuations, reducing cost uncertainty for businesses with long-term import activities.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
For agency imports involving deferred payments, a forward exchange rate may be used. This is a pre-agreed rate for future foreign exchange settlement, allowing costs to be locked in advance.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
Both parties can negotiate a fixed exchange rate, settling at this rate regardless of market fluctuations. This method is straightforward and effectively avoids exchange rate risks, though both parties should have some expectation of future rate trends.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
Some agency import transactions use the middle rate on the settlement date, which is relatively fair as it averages the bank's buying and selling rates.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
For short-term agency imports, settling based on real-time exchange rate changes is common. Though cumbersome, this reflects the latest rates and avoids large discrepancies due to fluctuations.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
Some agency imports use the exchange rate on the first business day of the month. This fixed approach simplifies budgeting and cost control for businesses.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
For long-term, stable import volumes, industry-specific exchange rate guidance from international authorities can be referenced, aligning the rate with industry practices.