“The change means I can save a large sum of money for my studies.”said Fang. “I pay a lot of attention to the pound­to­RMB exchange rate every day now.”Last Tuesday the rate broke the 10­yuan mark for the first time since 2005.

　　So what is an exchange rate?

　　This is the standard term for the comparison of two currencies and tells how much one currency is worth when measured by the other. For example, the pound­to­RMB exchange rate last Wednesday was 9.88, meaning that one pound was worth the same as 9.88 yuan.

　　But how could this affect our lives?

　　The exchange rate is important for anyone wanting to travel to or study in a foreign country.

　　A bigger RMB value is good news for Chinese tourists and students. That's because any given amount of RMB can be exchanged for a larger amount of foreign money than with a lower RMB value. It therefore buys more abroad.

　　For example, according to Chinese agencies that handle study abroad, the cost for university study in Britain used to be around 20,000 pounds a year. At the beginning of 2008, when the pound­to­RMB exchange rate stood at 14, Chinese students had to have 280,000 yuan for a year. But now that the rate has fallen to less than 10 yuan，200,000 yuan is enough for a year in Britain.

　　However, the stronger yuan may be bad news for Chinese exporters. A rising RMB means that Chinese products are becoming expensive and less attractive on foreign markets. 16. Why did Fang Wei have to put off his study in Britain?

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