Suppose that one year ago the spot rate for the British pound was $1.44 per pound, while the spot rate for the peso was $0.90 per peso. The cross rate of the British pound one year ago was 1 = pesos. Suppose that now the spot rate for the British pound is $2.00 per pound, while the spot rate for the peso was $1 per peso. Now, the cross rate of the British pound is 1 = pesos. This represents a percent change in the cross rate of the British pound.