This is the Rates used in the Project. The default value utilizes the value specified in the organization setting.
Learn more about organization default budget settings
There are three options for Project Rates
Member Rates: Default rates set on the individual members.
Role Rates Group: use Role Rate Group.
Work Category Rates Group: use Work Category Rate Group.
When updating Project Rates, a Rate Group can be selected in any available Team Currency. Upon selection, the Project Currency will automatically update to match the currency of the chosen Rate Group. The default Rate Group for each currency is indicated by a “Default” label displayed beneath the group name. Use the search bar to quickly locate a Rate Group by entering its name.
Click the Manage Rate Group Button to edit Rate Group information on Organization settings > Budget > Rates page
A modal like this will show after selecting the Rate Group. Click confirm to update the Member Rates.