USD 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 USD/CNY exchange rate?
The Chinese yuan (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.2
China maintains the CNY’s value within a 2% range against the currency basket, working to control the price of exports, and its economy also has an impact upon the value of the USD. When China experiences slower economic growth or credit problems, the USD can gain in strength, as it did in 2014.2
“China is currently the third largest export market for U.S. goods (after Canada and Mexico), and the United States is China’s largest export market.” – U.S. Department of State3
In 2015, China was ranked 2nd in GDP, while the United States ranked 1st.4
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.5
In 2014, China was the largest exporter and the 2nd largest importer in the world, while the United States was the 2nd biggest exporter and biggest importer.5,6
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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 USD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the CNY to USD exchange rate today.