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    Chinese Renmimbi CNY Forecasts

    The Chinese government has announced that it will gradually increase the flexibility of the CNY exchange rate.

    Updated: Oct 06, 2022  

     

    1 USD = 7.0247 CNY
    Sell USD  →  Buy CNY
    USD to CNY at 7.0246 is 1.4% below its 90-day average 7.1229 with range 6.9000-7.3055.
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    USDCNY :
    60-DAYLOW
    4-DAY-2.5%

    CNY outlook

    In the final quarter of the year China’s yuan has weakened past the key 7 per US dollar level.

    For two years until April 2022 the yuan has steadily strengthened to 6.3 per US dollar, but then the PBOC has abruptly allowed CNY to drop with market sentiment worsening towards China’s economy due to continuing Covid-zero restrictions and a slowing economy.

    DateUSD/CNYChangePeriod
    18 Nov 2022
    7.1198
    1.3% 2 Week
    03 Sep 2022
    6.9000
    1.8% 3 Month
    02 Dec 2021
    6.3771
    10.2% 1 Year
    03 Dec 2017
    6.6356
    5.9% 5 Year
    04 Dec 2012
    6.2294
    12.8% 10 Year
    07 Dec 2002
    8.2735
    15.1% 20 Year
    USD/CNY historic rates & change to 02-Dec-2022

     

    Factors that affect the Chinese Renmimbi exchange rate

    Tightly controlled by the PBOC the Chinese yuan has dropped to a 2-year low into mid 2022 heading towards the symbolic and closely watched USD/CNY = 7.0 exchange rate.

    You can also read our full Foreign Exchange Guide to China.

     

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    Posted under: #Forecasts #CNY
     

    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.