The live OFX USD-CNY rate is 6.8665. This is -3.6% below the mid-rate. Compare OFX currency conversion rates - Reduce FX costs.
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The OFX USD to CNY exchange rate is 6.8665. This is -3.6% compared to the mid-market rate 7.1226.
Exchange rates can vary significantly between different currency exchange providers, so it's important to Compare US dollar (USD) to Chinese yuan (CNY) rates from different sources before making a conversion.
The OFX Dollar to Yuan comparison table above makes it easy to compare the Total Fees (both variable and fixed) you are being charged by OFX and other foreign exchange providers against the latest USD-CNY mid-rate (see Market Data below ) and the possible savings of using various providers.
OFX has a 20-year history and is one of the largest foreign exchange specialists in the world. It offers a complete foreign exchange solution, including discounted money transfers, currency hedging tools, recurring transfers, a multi-currency account for online sellers and much more.
OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was over 20 years ago, and since then over 1 million customers have trusted OFX with transfers in 50+ currencies to over 170 countries.
OFX don’t just offer great rates, they believe real help from real people counts. That’s why their clients get the best of both worlds – a seamless digital platform, combined with 24/7 phone access to currency experts.
When it comes to moving money, peace of mind is important. OFX is monitored by over 50 regulators globally and work within a network of carefully selected banking partners. So whether you are sending money to friends and family abroad, or doing business across borders, OFX can get your money where it needs to go. Fast, simple, secure.
Using OFX for money transfers offers the benefit of lower fees and competitive exchange rates compared to traditional banks, making international transactions more cost-effective.
Additionally, OFX provides 24/7 customer support, a range of transfer options including spot and forward contracts, and a user-friendly online platform, enhancing convenience and flexibility for global financial transactions.
OFX offers exchange rates that beat the banks, and are close or equal to the rates offered by the industry’s lowest-cost services.
When you register via our OFX 0.5% exclusive offer for BER users the cost of sending, for example, 5,000 US dollars to Australia equates to 0.5 percent of the transferred amount, or roughly US$25. You’d pay the same 0.5 percent for the same amount to be sent to Europe and around 1 percent if sending to India. This compares with 4–7 percent with the banks.
For other currency routes we looked at (routes involving AUD, INR, GBP, EUR, SGD and USD), the average cost of an international payment with OFX was 0.6 percent of the transferred amount. This is exceptional if compared with banks but can be a little more expensive than what is charged by the industry’s lowest-cost services, although such services do not offer the same benefits and customer service as OFX.
US dollar (USD) to Chinese yuan (CNY) market data - latest interbank exchange rate, trend, chart & historic rates.
Date | USD/CNY | Change | Period |
---|---|---|---|
18 Oct 2024 | 7.1018 | 0.3% ▲ | 2 Week |
03 Aug 2024 | 7.1592 | 0.5% ▼ | 3 Month |
02 Nov 2023 | 7.3151 | 2.6% ▼ | 1 Year |
03 Nov 2019 | 7.0374 | 1.2% ▲ | 5 Year |
04 Nov 2014 | 6.1213 | 16.4% ▲ | 10 Year |
06 Nov 2004 | 8.2732 | 13.9% ▼ | 20 Year |
Here are some popular conversion amounts for USD to CNY (US dollar to Chinese yuan)*.
*Converted at the current USDCNY interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
The USD/CNY exchange rate has experienced notable fluctuations recently, influenced by a mix of US and Chinese economic data. The US dollar initially received a boost from strong ADP payroll figures; however, a surprising slowdown in the third-quarter GDP dampened its momentum. As FX analysts note, the upcoming release of the core PCE price index—closely monitored by the Federal Reserve—could further impact the dollar’s trajectory. A cooling inflation rate could lead to declines in USD as markets recalibrate expectations for future interest rate adjustments, particularly in light of political factors surrounding the impending US presidential election. The potential victory of Donald Trump is also fueling speculations that his protectionist policies may keep inflation rates elevated, providing some support to the dollar amidst heightened volatility.
Read our full review of recent USD to CNY forecasts.
There are several ways to save on exchange rates when converting US dollar to Chinese yuan:
Generally speaking, if you are buying Chinese yuan with US dollar, then it's better for the USD/CNY exchange rate to be higher.
However working against you are the fees all foreign exchange providers charge for providing their service. These fees is usually contained within the exchange rate margin (or difference to the mid-rate).
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.
Our real-time foreign transfer and travel money/cards comparison calculators make shopping around easy and help you calculate how much you can save.
Read our Currency guide to China - a practical currency and money guide to travel, living and doing business in China with the Chinese yuan.
It's worth noting that while these tips can help you save on exchange rates, it's important to be aware that no single method is guaranteed to provide the best exchange rate in every situation, and it may require some research and comparison-shopping to find the best option for your specific needs.
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add USD/CNY to your personalised Rate Tracker to track and benefit from currency movements.
Rather than requiring you to set a target rate, our Rate Alerts keep you informed of recent trends and movements of currency pairs.
Add rates to your Rate Tracker and select to receive an daily email (mon-fri) or when a rate is trending
United States (USD) | China (CNY) |
### How is the Expat life in China? The expat life in China can vary greatly depending on a number of factors, including one's location, job, and personal circumstances. In major cities like Beijing, Shanghai, and Guangzhou, the expat community is well-established and there are many resources available for newcomers, such as expat-oriented social groups and clubs. Living in these cities can offer a good balance of modern conveniences and cultural experiences. However, life in smaller cities or more rural areas can be more challenging, as the expat community may be smaller and there may be fewer resources available. Working in China as an expat can be both rewarding and challenging. Some companies will provide good support to expats and may even offer language classes and relocation assistance, while others may not. Expats in China may experience culture shock and find it difficult to adjust to certain aspects of Chinese culture, such as the strict social hierarchy and the emphasis on maintaining "face". Communication and language barriers can also be an issue, though many expats do learn to speak Chinese to varying degrees. Expats in China also need to be aware of the different laws and regulations in the country, such as China's strict censorship laws, and be prepared to adapt to the local way of doing things. Overall, the expat life in China can be both exciting and challenging, offering unique opportunities to experience a different culture and way of life. It is a good idea to be prepared for the different experiences you may encounter, and to have a good support system in place, whether it be friends, family or a community of expats. ### Cost of living in China The cost of living in China can vary depending on where you live and your lifestyle. In general, prices for basic necessities such as food, clothing, and transportation are lower in China compared to many Western countries. However, the cost of living in major cities like Beijing and Shanghai is higher due to higher rental costs and the higher prices of imported goods. Here are some estimates for common expenses in China: * Rent for a one-bedroom apartment in the city center: $300-$700 per month * Meal at a mid-range restaurant: $5-$20 * Local transportation: $0.50-$3 per trip * Utilities (electricity, heating, water, garbage): $30-$60 per month * Internet: $20-$50 per month Keep in mind that these are just estimates and your actual costs may be higher or lower depending on your specific circumstances. ### Can foreigners buy property in China? Foreigners are generally allowed to buy property in China, although there are some restrictions in place. Foreigners are generally not allowed to buy agricultural land or forests, and there may be additional restrictions on the purchase of certain types of property in certain areas. In general, the process for buying property in China is similar to the process in other countries. You will need to find a suitable property, make an offer, and negotiate the terms of the sale with the seller. You will also need to sign a sales contract and pay a deposit. After the sale is complete, you will need to register the property in your name at the local land registry office. It is important to note that the property market in China can be volatile, and it is advisable to do your due diligence and seek legal and financial advice before making a purchase. It is also important to be aware of any additional taxes or fees that may apply to the purchase of property in China. ![Shanghai "longtang" alleyway](https://bestexchangerates.com/wp-content/uploads/2018/06/shanghai_longtang.jpg) ### Is it difficult doing business in China? Doing business in China can be challenging, as the business environment in China is unique and different from other countries. One of the major challenges of doing business in China is the cultural differences, such as the strict social hierarchy and the emphasis on personal relationships. Building relationships and understanding the culture is essential for doing business in China. Language and communication can also be a challenge for foreigners doing business in China. It is helpful to have someone on the team who speaks Chinese or to hire a translator, especially for contract negotiations or meetings with government officials. The Chinese government has implemented strict regulations on foreign businesses operating in China. There are many laws and policies that foreign companies must comply with, such as the Foreign Investment Law and the Cyber Security Law. Businesses must also navigate the complex bureaucracy and navigate through the numerous government agencies and regulations. China's economy is heavily controlled by the state, so foreign companies may find it difficult to compete with state-owned enterprises (SOEs) which enjoy various privileges such as easier access to credit, tax breaks and other benefits. Despite these challenges, doing business in China can be a profitable opportunity due to its large market and fast-growing economy. Many foreign companies have successfully established themselves in China by taking the time to understand the market and culture, building strong relationships, and being patient and persistent. It is worth to get professional guidance from experts or lawyer to help navigate the complex regulations and cultural differences.
Read more at our China (CNY) country guide
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more
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