GBP 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 GBP/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
GBP’s value is affected by factors like pricing and inflation, monetary policy, GDP, and market sentiment and confidence. Following the Brexit vote of 2016, the value of GBP has become increasingly volatile, and it will likely continue to fluctuate as the U.K. determines how and when it will exit the E.U. As a result, the value of the CNY against the GBP has risen.3
“In 2014, U.K. exports to China were worth £18.7 billion. Imports from China were £38.3 billion.” – House of Commons Library4
China is the U.K.’s 3rd biggest source for imports, as well as its 7th biggest export market. China accounts for 7% of U.K. imports and 3.6% of U.K. exports.4
In 2015, China was ranked 2nd in GDP, while the United Kingdom ranked 5th.5
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.6
In 2014, China was the largest exporter and the 2nd largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.6,7
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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 GBP exchange rate analysis. Check out our daily market analysis to learn the factors influencing the CNY to GBP exchange rate today.