exchange rate type

xiaoerp

my collegue put exchange rate M(average price), then reference currency: USD, what does reference currency means, if we don't set reference currency, which will happen?

Actually, I have a deep  study of so-called exchange rate configuration . While maintaining currency translation exchange rate with OB07 for a large group , We maintain reference currency (Often the group currency USD is wanted ).
Let's review the provided online help
Examples
Your reference currency is USD. You want to translate 100.00 FRF into DEM. DEM is the local currency of the company code. The exchange rate table contains the following entries:

            DEM    USD     0.63000
            FRF    USD     0.22000

These values give the following (simulated) exchange rate:

            FRF    DEM     0.34921 (0.22000/0.63000)
Ok,Supposing there are many company codes in a multinational enterprises,  One comany code is 7100 with local currency HKD ,Now you want to post a FI document with doc. currency EUR .
you maintain exchange rate 12.6  HKD = 1 EUR , 8 HKD = 1USD and  1.3 USD = 1 EUR , Ok, Now , you post 100 EUR in company code 7100, the direct quation exch. rate 12.6 won't be used to  to calculate the local currency amount , Instead, the local HKD amount will be 100 *  ( 1.3/1 *  8/1)  HKD (total 1040 HKD)


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