
Chinese Yuan
CNH/CNY
- Convertible: Yes
- Transferable: Yes
- Exchange rate regime: Managed Float
Available Currency Pairs

EURCNY
View EUR
USDCNY
View USD
GBPCNY
View GBP
CHFCNY
View CHF
AEDCNY
View AED
AUDCNY
View AUD
CADCNY
View CAD
CNYCZK
View CZK
CNYHKD
View HKD
CNYHUF
View HUF
CNYJPY
View JPY
CNYMXN
View MXN
CNYTHB
View THB
CNYZAR
View ZAR
DKKCNY
View DKK
ILSCNY
View ILS
NOKCNY
View NOK
NZDCNY
View NZD
PLNCNY
View PLN
RONCNY
View RON
SEKCNY
View SEK
SGDCNY
View SGDTransaction Types
FX SPOT
Delivery date: T+1; T+2
Liquidity: High
FX FORWARD
Maximum maturity: 24 months
Liquidity: High
Did You Know?
Monetary policy
- 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 Chinese authorities manage the value of the CNY relative to a basket of currencies. The CNH (Yuan Offshore) is only traded outside of China, and its value follows that of the CNY, with relatively small differences to the up- or down-side, as a result of supply and demand in the market.
- Note: transfers are always made in CNY. The CNH does not exist in the banking network as a separate currency the denomination refers to Yuan once they are traded offshore (the H is CNH refers to Hong Kong).
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). However, since then, it didn’t advance much further in usage as many Chinese companies trade in US, EUR or other currencies.
As local players don’t always get attractive FX rates, it can be better for European companies to pay or invoice in CNH and hedge themselves, compared to have the Chinese counterpart handle the FX flows.
- One could also encounter the notations CNO (onshore CNY) and RMB (renminbi, the Chinese word for “money“).
Expert opinion
- The value of the CNH is closely correlated with that of the CNY, although ifferences may appear at certain specific periods (e.g. market tensions, PBoC decisions)
Regulations
There are no special restrictions on the purchase and sale of CNH.
Important Information
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.
Keep In Mind
Public Holidays
New Years Day 1 Jan
Good Friday 30 Mar
Easter Monday 2 Apr
Labour Holiday 30 Apr
Tuen Ng Day 18 Jun
Mid-autumn Festival 24 Sep
Chung Yeung Day 28 Oct
Lunar New Year 15 Feb
Holy Saturday 31 Mar
Ching Ming Festival 5 Apr
Buddha’s Birthday 22 May
Establishment Day 2 Jul
Chinese National Day 1 Oct
Christmas Day 25 Dec
When a holiday falls on a weekend, the next business day becomes a holiday
Currency Reference Guide
Get the full currency reference guide, updated by the iBanFirst currency market experts
Reference guide