This is the current AUD-CNY mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market AUD-CNY exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the AUD vs CNY, you should pay attention to both Australian Dollar and Chinese Yuan news and forecasts.
Following a flash crash in early January, which saw the Australian dollar briefly trade at a 10-year low of $0.674, the Aussie recovered to $0.73, but then, as it had done before the flash crash, it commenced with a slow and steady decline, and it was back at $0.705 in mid-March and was predicted to fall further.
In February, HSBC predicted a year-end AUD/USD rate of $0.66. In March, Westpac and JP Morgan were slightly more upbeat and argued for $0.68.
Fuelling lower exchange rate forecasts is the Australian economic story, for which major themes include a housing market slump, Chinese growth and the US-China trade spat. The RBA slashed growth forecasts in February and markets are now pricing in 1-2 interest rate cuts this year.
Another Aussie exchange rate worth mentioning is AUD/GBP, which sank in mid-March to its lowest level in nearly 3 years, at just £0.53. The Australian dollar has been unable to compete with the pound of late, since the latter benefits every time the British government fails to make a decision on how to deliver Brexit (every time Brexit appears less likely or to be delayed).
In early 2019, the yuan has appreciated away from long-term lows established in the fourth quarter of last year. By March-13, the yuan held year-to-date gains of 2.5 percent and 4 percent against the dollar (¥6.708) and euro (¥7.574) respectively, and these amounts increase to 4 and 7 percent if current rates are compared with fourth-quarter lows.
The main news piece for yuan investors remains the US-China trade spat, for which negotiations are still taking place. The massive tariffs that might be imposed (or remain) on Chinese goods makes them expensive to American buyers, which lessens their appeal and necessitates a weaker yuan, especially so if Beijing instructs the PBOC to intentionally weaken the currency to offset the impacts of tariffs (in March, the PBOC denied it would devalue the yuan to boost exports, or strengthen it to ease trade tensions).
For now, the yuan will continue trading between ¥6.65 to ¥6.90 to the dollar, a Natwest analyst said in March.
Nomura argued that the yuan was already overvalued against the dollar and would weaken "in the medium to long term," although it couldn’t offer any precise exchange rate targets.
Sorry, our travel money calculators are currently only available for comparing exchange rates rates for buying foreign cash and travel money in Australia, Canada, France, Germany, Netherlands, New Zealand, United Kingdom and the USA.
