The yuan strengthened for the 7th straight session and touched 6.6276 per USD on Wednesday, the strongest since July of 2018, led by firmer central bank guidance and recent upbeat economic data. The People’s Bank of China (PBOC) set the midpoint rate at 6.6781 per dollar, the highest since July 16th, 2018. Official data released earlier this week showed China’s economic recovery accelerated in Q3, amid continued support from the Chinese government and the central bank. The currency has been rallying since mid-May as investors rush to buy Chinese assets and debt amid signs of a faster and sustained economic recovery. The People’s Bank of China already attempted to lower the cost of shorting the currency, and stop the rally by lowering the risk reserve ratio for FX forwards trading to 0%.

Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on October of 2020.

The Chinese Yuan is expected to trade at 6.66 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6.74 in 12 months time.

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Chinese Yuan

Majors Price Day Year
EURUSD 1.1865 0.0095 0.81% 6.43%
GBPUSD 1.3055 0.0106 0.82% 0.75%
AUDUSD 0.7085 0.0034 0.48% 3.18%
NZDUSD 0.6622 0.0028 0.42% 3.37%
USDJPY 105.0170 -0.3860 -0.37% -3.10%
USDCNY 6.6383 -0.0406 -0.61% -6.09%
USDCHF 0.9037 -0.0068 -0.74% -8.32%
USDCAD 1.3095 -0.0095 -0.72% 0.08%
USDMXN 21.0558 -0.1393 -0.66% 10.16%
USDINR 73.5500 0.1100 0.15% 3.87%
USDBRL 5.6053 -0.0001 -0.002% 37.33%
USDRUB 76.9845 -0.6510 -0.84% 20.75%
DXY 92.7078 -0.3592 -0.39% -4.94%
USDKRW 1,129.8740 -15.6460 -1.37% -3.62%
USDZAR 16.3857 -0.0891 -0.54% 12.39%
USDSGD 1.3543 -0.0041 -0.30% -0.48%
USDHKD 7.7500 0 0% -1.18%
Crosses Price Day Year
USDCNY 6.6383 -0.0406 -0.61% -6.09%
EURCNY 7.8761 0.0001 0% 0.03%
AUDCNY 4.7029 0.0083 0.18% -3.12%
CNYCAD 0.1972 0.0002 0.08% 6.56%
CNYCHF 0.1361 -0.0001 -0.04% -2.65%
CNYJPY 15.8163 -0.0237 -0.15% 3.17%
GBPCNY 8.6661 0.0407 0.47% -4.92%
NZDCNY 4.3977 0.0166 0.38% -2.94%
CNYHKD 1.1673 0.0035 0.30% 5.32%
CNYSGD 0.2040 0.0003 0.12% 5.94%
CNYINR 11.0766 0.0484 0.44% 10.68%
CNYKRW 170.1955 -1.0900 -0.64% 2.74%
CNYMXN 3.1712 0.0012 0.04% 17.22%
CNYRUB 11.5910 -0.0223 -0.19% 28.73%
CNYARS 11.6388 0.0245 0.21% 40.43%
CNYBRL 0.8421 0.0004 0.04% 45.97%
CNYDKK 0.9448 -0.0001 -0.02% -0.45%
CNYZAR 2.4679 -0.0060 -0.24% 19.77%



Chinese Yuan
The USDCNY exchange rate is a reference rate not used in actual currency trading. When investors or entities want to exchange dollars for the Chinese currency, they do so using the USDCNH exchange rate set in Hong Kong. The People's Bank of China sets the yuan's mid-point rate and the onshore yuan (USDCNY) is allowed to trade 2% higher or lower than the PBoC’s central reference rate. The offshore yuan (USDCNH) which trades outside the mainland is not controlled. The USDCNY and the USDCNH are not very different and usually trade less than a few cents apart. China's Foreign Exchange Trade System published a new yuan index, on December 11th, 2015 including 13 currencies and extended it on January 1st 2017 to 24. The CFETS RMB Index measures the value of yuan against a basket of 24 major currencies, with weights based on international trade and has an end-2014 base year. The USD accounts for the largest share (22.4 percent), followed by the euro (accounting for 16.3 percent) and the yen (11.5 percent). The index also includes the currencies of Hong Kong, UK, Australia, New Zealand, Singapore, Switzerland, Canada, Malaysia, Russia, Thailand, South Africa, South Korea, UAE, Saudi Arabia, Hungary, Poland, Denmark, Sweden, Norway, Turkey and Mexico. .