Available currency pairs
Types of transaction
|FX Spot||FX Forward|
|Delivery date: T; T+1; T+2||Maximum maturity: 24 months|
|Liquidity: Good||Liquidity: Good|
EUR/CNH parity: liquidity schedules (GMT)
Did you know?
- 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 its authorised exchange rate hovers around ± 2% of the USD peg issued daily by the PBoC. The CNH (Yuan Offshore) is only traded outside of China, and its value is mainly determined by the law of supply and demand in the market.
- Note: transfers are only made in CNY (the CNH does not exist in the banking network).
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).
There are no special restrictions on the purchase and sale of CNH.
The value of the CNH is closely correlated with that of the CNY, although differences may appear at certain specific periods (e.g., market tensions, PBoC decisions).
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.
|Public Holidays 2018 (subject to change)|
|New Year’s Day||1 January||Buddha’s Birthday||22 May|
|Lunar New Year||15-21 February||Tuen Ng Day||18 June|
|Good Friday||30 March||Establishment Day||2 July|
|Holy Saturday||31 March||Mid-autumn Festival||24–25 September|
|Easter Monday||2 April||Chinese National Day||1–6 October|
|Ching Ming Festival||5- 6 April||Chung Yeung Day||28 October|
|Labour Holiday||30 April -1 May||Christmas Day||25 December|