Conversion rules 

Spot rate is the rate of exchange in currency for immediate delivery.

Forward rate： is an exchange rate set now for currencies to be exchanged at a future date.

Selling rate： also know as offer or ask price, is the rate that bank sells the currency.

Buying rate： also known as bid price, is the rate that bank buys the currency.
 

Depreciation and appreciation of a foreign currency

If a foreign currency depreciates it is simply worth less in our home currency
Eg. $1 = RMB 8 $1 = RMB 6 $ depreciate
Receipt - adverse movement - will receive less in your home currency.
Payment - favorable movement - will end up paying less in your home currency.

If a foreign currency appreciates it is simply worth more in our home currency
Eg. $1= RMB 6 $1 = RMB6.3 $ appreciate
Receipt – favorable movement - will receive more in your home currency.
Payment - adverse movement - will end up paying more in your home currency.