The below table shows the historic variation in the EUR/CNY exchange rate over the last 10 years. The percentage change is the difference from the date shown to present. This lets you decide if the current rate is in your favour.
17 Jul 2018
10 Jul 2018
17 Jun 2018
18 Jan 2018
17 Jul 2017
17 Jul 2016
18 Jul 2013
19 Jul 2008
The three things you need in order to get a good EUR to CNY exchange rate
Know the latest EUR/CNY market mid-rate.
The closer your final exchange rate is to this real market rate the better deal you are getting.
You should also judge how the current rate compares to the historic rate over the past 10 years.
Compare your Bank's transaction costs to several licensed FX providers, remember to compare the exchange rate margins as well as the various types of fees.
We make that easy to do with our calculators for
Transaction Costs - Margins and Fees for EUR/CNY Transfers and Currency Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from EUR to CNY.
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.
Travel Money Exchange Rates Compared
Buying CNY Cash with EUR 2,000
Bank Rates - Average
This is the average EUR to CNY Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.
Receive: ¥12,791 CNY
Exchange Rate: 6.4601
(Inverse 1CNY=EUR 0.1548)
Fees: EUR 20 (1%)
Total Cost : 18.17% (from mid-rate: 7.8159)
Amount of money that could be received by your currency exchange at rate EUR/CNY=6.4601 and inclusive of the fee of EUR 20 (1%).
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount
you are transferring and if you are willing to shop around.
Why can't I just get the same EUR/CNY market rate I see on Google or in the Media?
The EUR/CNY mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the EUR / CNY was traded (bought or sold) in the international markets.
When you look up the current Euro to Chinese yuan exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great EUR to CNY mid-market rate is all about timing, so unless you
are able to wait, watch and time the market this is largely beyond your control.
This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will
get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use our EUR to CNY currency converter to calculate equivalent amounts in each currency using the latest mid-market exchange rates.
Then choose your transaction type for specific Euro cross rates and reviews of leading foreign exchange providers versus the Banks.
Currency News, Research and Forecasts for Euro and Chinese yuan
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency must always be quoted in comparison to a second currency.
So it follows that if you are determining the best time to transact, in this case the EUR vs CNY, you should pay attention to both Euro and Chinese yuan news and forecasts.
Euro (EUR) - Market news and forecasts
On June 14th, the euro had one of its worst days in recent memory after the ECB signalled it would leave interest rates unchanged at 0.0 percent until the latter stages of 2019. A day later (the day of this report), the euro was trading in the mid-$1.15s versus the dollar and looked set to lose more of its value (earlier in the year it had traded in the mid-$1.25s), and had fallen towards the bottom end of its long-term trading range against the pound, at £0.873.
The ECB did at least announce it would phase out quantitative easing in Europe, which kept the euro’s losses within reasonable limits. QE will be terminated at the end of the year.
Goldman Sachs described the June ECB meeting as a “material negative for the euro.”
Prior to the ECB decision, Danske Bank had estimated a median price for EUR/USD in H2 2018 of 1.18; the bank saw a return to the 1.20s as unlikely in the near term (that's almost certain after the ECB meeting). Danske had predicted a “foot-dragging” ECB that would be “reactive rather than active.”
Chinese yuan (CNY) - Market news and forecasts
Trade developments have dominated yuan news flow in recent months. The yuan weakened to an 11-month low relative to the US dollar in early July, at 6.7. The yuan underperformed other Asian currencies in the month leading up to this report but had recovered slightly versus the dollar to levels around 6.65 (July-11).
Washington announced in July that it would impose tariffs on $200 billion worth of Chinese goods, adding to tariffs announced days earlier on products worth $34 billion. The Chinese will likely retaliate with tit-for-tat tariffs of their own. A trade war between the world’s two largest economies will strike a blow to global growth, say analysts.
Investec economist Ryan Djajasaputra predicted in July that the yuan would strengthen to 6.35 per dollar by year-end. He predicted stability in trade and the end of the dollar uptrend. Citibank forecast 6.37 over 6-12 months.
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.
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.
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 rights please contacxt us here.