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Chinese Yuan (CNY) - BER Currency Guide

In this currency guide we look at :

  1. CNY General Info
  2. CNY Market View
  3. CNY News & Updates
  4. 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 - Market View

The Chinese yuan climbed to a 21-month high against the US dollar in early September amid the ongoing dollar bloodbath. USD/CNY’s fall to 6.447 took the yuan’s year-to-date gain against the dollar to 7.7%. So much for China’s currency manipulation.

The yuan’s climb against the dollar in 2017 will certainly appease Washington, and possibly makes the Trump administration look a little ridiculous. Trump refrained from labelling China a “currency manipulator” in April in order to win Beijing’s support against an increasingly provocative North Korea, but was frequently critical of China’s management of the yuan throughout his presidential campaign, suggesting several times that China had been intentionally undervaluing its currency to gain a trade advantage over the US.

The yuan’s outperformance in August relative to other Asian currencies led to suggestions that the yuan was being used as a safe haven. It was said that the Chinese government’s firm control over the yuan (via the daily USD/CNY ‘fix’) offered stability that was unavailable elsewhere.

Other market commentators suggested that the government was supporting the yuan ahead of October’s National Congress. The Communist Party’s congress, at which changes to top leadership positions are made, is the most important political event in China and is held once every five years.

By September 7th, against the euro (EUR/CNY 7.785) and Australian dollar (AUD/CNY 5.223), the yuan’s year-to-date losses stood at 6.2% and 4.5% respectively, putting it roughly in line with other Asian currencies.

Chinese Yuan - News & Market Updates

Venezuela Ditches the Dollar; Begins Pricing Oil in Yuan

In retaliation to US sanctions, in its latest weekly report Venezuela’s oil ministry has published prices for the country’s petroleum products in Chinese yuan, rather than US dollars. One barrel of Venezuelan oil will now cost buyers CNY 306.26 – equivalent to USD 46.76. Venezuela has the largest proven oil reserves in the world, at 300... View article >
Posted on 19 September 2017 | 5:55 am GMT
Author: Joel Wright

So Much for Currency Manipulation, Yuan at 21-Month High Amid Dollar Bloodbath

So much for currency manipulation. The Chinese yuan surged against the US dollar on Thursday, forcing USD/CNY below 6.45 for the first time since December 2015. The dollar had fetched as many as 6.96 yuan in January. The yuan has started September extremely brightly, picking up where August left off. With only five trading days... View article >
Posted on 8 September 2017 | 7:52 am GMT
Author: Joel Wright

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