CAD 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 CAD/CNY exchange rate?
The Chinese yuan (CNY) is loosely pegged to the U.S. dollar (USD), as China doesn’t 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 maintains the CNY’s value within a 2% range against the currency basket, working to control the price of exports.1
The Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand especially relative to the value of the USD. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.2
“It is a priority for the Government of Canada to expand trade and investment with large, fast growing markets, including China. China is the world’s second largest economy, and Canada’s second largest single-country trading partner.” – Government of Canada3
- In 2015, Canada was ranked 10th in GDP, while China ranked 2nd.4
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.5 China was the largest exporter and the 2nd largest importer.6
- Canada’s top exports include crude petroleum, cars, refined petroleum, vehicle parts, and helicopters, planes, and spacecraft. China is one of its top export destinations, as well as one of its top sources of imports.5
- China’s top exports include computers, broadcasting equipment, telephones, office machine parts, and integrated circuits. Its top imports include iron ore, gold, crude petroleum, cars, and integrated circuits.6
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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 CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the CNY to CAD exchange rate today.