AUD to CNY Exchange Rate
Ah, China: Home of the Forbidden City, inventor of toilet paper, and the place where children keep crickets as pets.
What influences the AUD/CNY exchange rate?
The CNY is loosely pegged to the USD, as China does not have a floating exchange rate. Instead, it uses a modified fixed exchange rate. It compares the CNY’s value to a basket of currencies of its trading partners. That basket is weighted towards the USD because the United States is China’s biggest trading partner. China also maintains the CNY’s value within a 2% range against the currency basket, working to control the price of exports.2
In 2013, China and Australia started direct trading between the AUD and CNY. The aim was to help lower currency conversion costs, as well as promote financial cooperation between the nations and facilitate the use of their currencies in bilateral investment and trade.3
Because of Australia’s links to China’s economy, the AUD is susceptible to volatility within Chinese financial markets.4 For example, when China devalued the CNY in 2015, the AUD dropped as well.5 As a major commodity exporter, Australia’s currency is also vulnerable when demand from China for commodities slows.
“China is now Australia's largest two-way trading partner in goods and services, our largest goods export destination, and our largest source of merchandise imports.” – Australian Embassy3
In 2015, China was ranked 2nd in GDP, while Australia ranked 12th.6
China’s top exports include broadcasting equipment, computers, telephones, office machine parts, and integrated circuits. Top imports include integrated circuits, cars, gold, iron ore, and crude petroleum.7
In 2014, China was the largest exporter and the 2nd largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.7,8
China is Australia’s top export destination, as well as its top source of imports.8
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Currency Name: Chinese Yuan
Currency Code: CNY and CNH
Currency Symbol: ¥
Central Bank: People’s Bank of China
Countries Used In: China, Mongolia, Myanmar
Major Unit: One Yuan
Minor Unit: Jiǎo = 1/10 of a Yuan, Fēn = 1/100 of a Yuan
Note Denominations: ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, ¥100
Coin Denominations: ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5, ¥1
CNY to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the CNY to AUD exchange rate today.