One million UK pounds is the equivalent to around 1.6 million US dollars. This obviously changes slightly each day with currency fluctuations so for today’s exchange rate you can use the converter at coinmill.com/GBP_USD.html#GBP=1000000
If a currency is free-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets, mainly by banks around the world.
A movable or adjustable peg system is a system of fixed exchange rates but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $1. China was not the only country to do this; from the end of World War II until 1967, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system.
Countries may gain an advantage in international trade if they manipulate the value of their currency by artificially keeping its value low. It is argued that the People's Republic of China has succeeded in doing this over a long period of time. However, in a real-world situation, a 2005 appreciation of the Yuan by 22 per cent was followed by a 38.7 per cent increase in Chinese imports to the US.
In 2010, other nations, including Japan and Brazil, attempted to devalue their currency in the hopes of subsidising cheap exports and bolstering their ailing economies. A low exchange rate lowers the price of a country's goods for consumers in other countries but raises the price of goods, especially imported goods, for consumers in the manipulating country.
If a currency is free-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets, mainly by banks around the world.
A movable or adjustable peg system is a system of fixed exchange rates but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $1. China was not the only country to do this; from the end of World War II until 1967, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system.
Countries may gain an advantage in international trade if they manipulate the value of their currency by artificially keeping its value low. It is argued that the People's Republic of China has succeeded in doing this over a long period of time. However, in a real-world situation, a 2005 appreciation of the Yuan by 22 per cent was followed by a 38.7 per cent increase in Chinese imports to the US.
In 2010, other nations, including Japan and Brazil, attempted to devalue their currency in the hopes of subsidising cheap exports and bolstering their ailing economies. A low exchange rate lowers the price of a country's goods for consumers in other countries but raises the price of goods, especially imported goods, for consumers in the manipulating country.
