BER Currency News

BER Home/s

  1. Guides
  2. Currencies (A-Z)
  3. Chinese Yuan (CNY)

Chinese Yuan (CNY) - Currency Guide

In this currency guide we look at :

  1. CNY General Info
  2. CNY Recent Performance
  3. CNY Market View
  4. CNY News & Updates
  5. CNY Cross Rates

Chinese Yuan General Info

The three letter currency code for the Chinese Yuan is CNY and the symbol is ¥. It is the domestic currency in China.

The Chinese currency is actually called renminbi, but you will more frequently hear it called by the name of its primary unit, the yuan. The renminbi-yuan relationship is similar to that of Britain’s sterling-pound (sterling being the name of the currency and a pound being one unit of that currency). The ISO for renminbi, or the yuan, is CNY. An ISO of CHN denotes yuan traded in offshore markets, such as Hong Kong.

According to the Bank for International Settlements’ 2016 survey of the foreign exchange market, the yuan is now the world’s eighth most traded currency and has overtaken the Mexican peso to become the world’s most traded emerging market currency. However, disappointingly, 95% of all yuan trading remains against just one other currency, the US dollar.

The yuan reached its all-time low against the dollar in January 1994 when the exchange rate for USD/CNY reached 8.73. Its all-time high occurred in January 1981 when USD/CNY hit 1.53.

A high point for Chinese officials in recent years came when the yuan was added to the IMF’s Special Drawing Rights basket of currencies in October 2016 and, with its inclusion, joined the dollar, euro, yen and the pound as an official world reserve currency.

Importantly, China’s currency is not freely floating, which is to say that it is not determined wholly by market forces or purely by demand and supply. While market forces do play a part in China’s ‘managed float’ system, daily changes to the value of the yuan are restricted by the country’s central bank to moves of 2% above or below a midpoint, or reference rate, against the US dollar. This special rate is set each day by the central bank after consideration of the values of currencies from China’s main trading partners.

CNY Foreign Transfers CNY Travel Money Read our Travel Guide to China

Chinese Yuan - Recent Performance

The Chinese yuan ran from hot to cold in September.

After USD/CNY’s fall to ¥6.436 on September 8th – a twenty-one-month high in yuan buying power – China’s currency remarkably gave back 43% of its entire year’s gains before the month was out. USD/CNY ended September at a six-week high (a yuan low) of ¥6.653. Against the dollar, the yuan remains 4.4% stronger on the year.

September’s volatility in the yuan is unusual because the People’s Bank of China normally keeps a firm hand of control on the currency via a daily ‘fix’ against the dollar. It is, however, an interesting development ahead of October’s National Congress. The Congress is China’s most important political event and it had been expected that the PBOC would work to strengthen the yuan ahead of it. Judging from September’s roller coaster, that’s not the PBOC’s plan.

Against the euro, the yuan was virtually unchanged in September at rates close to ¥7.86, which keeps the yuan's year-to-date loss against the single currency at 7%.

CNY/USD Chart and Calculators

Chinese Yuan - News & Market Updates

Popular CNY Cross Rates
View Full List (A-Z)

Chinese Yuan - Best Rate Calculators

Compare CNY Foreign Transfers Compare CNY Travel Money

Popular Currency Guides

Euro (EUR)

British Pound Sterling (GBP)

US Dollar (USD)

Australian Dollar (AUD)

Full List (A-Z)

BER logo Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers

Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service


This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.