Chinese Yuan

CNH/CNY

  • Convertible: Yes
  • Transferable: Yes
  • Exchange rate regime: Managed Float
Currency Reference Centre

Available Currency Pairs

EURCNY

View EUR

USDCNY

View USD

GBPCNY

View GBP

CHFCNY

View CHF

AEDCNY

View AED

AUDCNY

View AUD

CADCNY

View CAD

CNYCZK

View CZK

CNYHKD

View HKD

CNYHUF

View HUF

CNYJPY

View JPY

CNYMXN

View MXN

CNYTHB

View THB

CNYZAR

View ZAR

DKKCNY

View DKK

ILSCNY

View ILS

NOKCNY

View NOK

NZDCNY

View NZD

PLNCNY

View PLN

RONCNY

View RON

SEKCNY

View SEK

SGDCNY

View SGD

Transaction Types

FX SPOT
Delivery date: T+1; T+2
Liquidity: High
FX FORWARD
Maximum maturity: 24 months
Liquidity: High

Did You Know?

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Monetary policy

  • The People’s Bank of China (PBoC) is China’s central bank, responsible for maintaining monetary stability and promoting the country’s economic growth.
  • Price setting method: The Renminbi is the only Chinese currency: there are, however, two separate quotation markets. The CNY (Onshore Yuan) is traded only in mainland China, and Chinese authorities manage the value of the CNY relative to a basket of currencies. The CNH (Yuan Offshore) is only traded outside of China, and its value follows that of the CNY, with relatively small differences to the up- or down-side, as a result of supply and demand in the market.
  • Note: transfers are always made in CNY. The CNH does not exist in the banking network as a separate currency the denomination refers to Yuan once they are traded offshore (the H is CNH refers to Hong Kong).
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Features and highlights

  • The CNH spot market only developed from 2010: it has been experiencing a meteoric rise.
  • In 2016, according to SWIFT, the CNH was the fifth most used currency in international payments. Also, note that London is the second-largest market for CNH (after Hong Kong). However, since then, it didn’t advance much further in usage as many Chinese companies trade in US, EUR or other currencies.

As local players don’t always get attractive FX rates, it can be better for European companies to pay or invoice in CNH and hedge themselves, compared to have the Chinese counterpart handle the FX flows.

  • One could also encounter the notations CNO (onshore CNY) and RMB (renminbi, the Chinese word for “money“).
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Expert opinion

  • The value of the CNH is closely correlated with that of the CNY, although ifferences may appear at certain specific periods (e.g. market tensions, PBoC decisions)
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Regulations

There are no special restrictions on the purchase and sale of CNH.

Important Information

CNH PAYMENTS TO CHINA

The IBAN format is not used in China. Payment instructions must contain:

  • The BIC Code of the beneficiary bank.
  • The full name, address and account number of the beneficiary.
  • The POP (Purpose of Payment) which is divided into four categories: transfer of goods, transfer of services, donations to a charity or other reasons for payment.

Keep In Mind

Public Holidays

New Years Day 1 Jan
Good Friday 30 Mar
Easter Monday 2 Apr
Labour Holiday 30 Apr
Tuen Ng Day 18 Jun
Mid-autumn Festival 24 Sep
Chung Yeung Day 28 Oct
Lunar New Year 15 Feb
Holy Saturday 31 Mar
Ching Ming Festival 5 Apr
Buddha’s Birthday 22 May
Establishment Day 2 Jul
Chinese National Day 1 Oct
Christmas Day 25 Dec

When a holiday falls on a weekend, the next business day becomes a holiday

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Currency Reference Guide

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Reference guide