So you I assume you have a HY02D223B (2.2Kw) model. Which can be wired as single or three phase input. As mentioned the power input (single phase 240V) can be wired to any of the two terminals (RST). The speed pot is wired to the terminals indicated, there is no need to solder or pull anything apart. The basic connection diagram specifies a speed pot of 10K (although probably anything from 2-10K is fine, wire wound and at least 2W) connected to the ACM (0 V), VI (Pot wiper) and VR (+10V) terminals.
Terminal P and Pr are for a braking resistor. At least on the model above, it does not indicate the need for a braking module (which would include additional circuity including a switching transistor and braking resistor), nor is this indicated on the basic connection diagram. I did set up one of these VFDs (2.2KW version), and if I recall I used a 300W 70 Ohm braking resistor (anything in the 50-100 ohm and at least 250W should be OK). You can buy one off of eBay, for $20-30, they are in a sealed aluminum housing with high temperature wire leads. There are a number of posts indicating the failure of Huanyang VFD's from too aggressive braking without a braking resistor. An over voltage spike/error code is very common with too aggressive braking, especially when a braking resistor is not used. This is particularly true in machines that have a lot of rotating mass, like lathes. Routers and smaller mills, it is less problematic. Without a braking resistor, I would start with a 5 second acceleration and 5 second deceleration times.
So it is important to know circumstances of exactly when the error code occurs, what did you press/change and what happens, if the error code occurs when there is a sudden deceleration or when stopping, then most likely this is an over voltage situation. The motor will usually free wheel to a stop. Increase the braking time (seconds) and see if this changes anything. If so , you need a braking resistor. Once installed, decrease the braking time (using the maximum speed/mass of the system) until the error occurs, and then back off 1 or 2 seconds. I have a program function on my VFD to dynamically change the braking time (1 stage vs. 2 stage braking), so I can switch to a longer braking time if I run at high speeds with a big chuck. Works very well.
Please make sure that you have set the VFD motor parameters to your motor shown, Voltage should be 230V, amperage 6.4A, RPM 1725, poles = 4. I would configure your VFD similar to the parameters in the PDF file previously posted, this is closer to your operating parameters, just update the motor parameters. Make sure PD006-PD011 are set per the table. Change PD015 Decel Time 1 to 5 seconds for now. Make sure your motor is wired for LOW VOLTAGE (4, 5, 6 connected; line is 3, 9, U connected together; 8, 2, V connected together; and 7, 1, W connected together). U, V, W are in no particular order at the motor, and must be connected directly to your VFD terminals. You should also have a ground lead connected at both ends.
Let us know how it goes.