Chinese Yuan (CNY) Exchange Rates on 24th January 2020 (24/01/2020)
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Exchange rates for Chinese Yuan (CNY)
| Updated: 2020-01-24 | |||||||||
| Convert from | Convert to | 1 CNY | Conversion | in currency | Conversion | ||||
 CNY |
 GBP |
0.1098 | CNY to GBP | 9.1102 | GBP to CNY | ||||
| CNY |
 BGN |
0.2552 | CNY to BGN | 3.9192 | BGN to CNY | ||||
| CNY |
 HRK |
0.9712 | CNY to HRK | 1.0297 | HRK to CNY | ||||
| CNY |
 CZK |
3.283 | CNY to CZK | 0.3046 | CZK to CNY | ||||
| CNY |
 DKK |
0.9749 | CNY to DKK | 1.0258 | DKK to CNY | ||||
| CNY |
 EEK |
0 | CNY to EEK | 0 | EEK to CNY | ||||
| CNY |
 HUF |
43.9489 | CNY to HUF | 0.0228 | HUF to CNY | ||||
| CNY |
 KZT |
54.6756 | CNY to KZT | 0.0183 | KZT to CNY | ||||
| CNY |
 LVL |
0.0872 | CNY to LVL | 11.4677 | LVL to CNY | ||||
| CNY |
 LTL |
0.4257 | CNY to LTL | 2.3492 | LTL to CNY | ||||
| CNY |
 MKD |
8.0344 | CNY to MKD | 0.1245 | MKD to CNY | ||||
| CNY |
 MDL |
2.5659 | CNY to MDL | 0.3897 | MDL to CNY | ||||
| CNY |
 NOK |
1.2968 | CNY to NOK | 0.7711 | NOK to CNY | ||||
| CNY |
 PLN |
0.5539 | CNY to PLN | 1.8054 | PLN to CNY | ||||
| CNY |
 RON |
0.6237 | CNY to RON | 1.6034 | RON to CNY | ||||
| CNY |
 RUB |
8.921 | CNY to RUB | 0.1121 | RUB to CNY | ||||
| CNY |
 SKK |
0 | CNY to SKK | 0 | SKK to CNY | ||||
| CNY |
 SEK |
1.3743 | CNY to SEK | 0.7276 | SEK to CNY | ||||
| CNY |
 CHF |
0.1399 | CNY to CHF | 7.1483 | CHF to CNY | ||||
| CNY |
 TRY |
0.855 | CNY to TRY | 1.1696 | TRY to CNY | ||||
| CNY |
 UAH |
3.5413 | CNY to UAH | 0.2824 | UAH to CNY | ||||
Chinese Yuan (CNY)
Sign ¥
1 Chinese Yuan is subdivided into 10 jiao or 100 fen.
CNY, RMB, CN¥ are all international foreign currency codes for the renminbi, the official Peoples Republic of China (PRC) currency represented with the accounting symbol, ¥. Historically the renminbi held a fixed value relative to a specified currency, typically the USD, with this value and all monetary policy within the PRC being managed by the Monetary Policy Organization within the PRC. After 2005 this fixed rate of exchange was changed and the currency is now being allowed to float within a narrowly defined range based on a collection of world currencies. The stated goal of the PRC is to slowly allow the CNY to float within an increasingly large and controlled range as they transition from a fully planned economy to a full market economy with a completely free floating currency. This is a long term goal that the PRC has established by which they plan for the CNY to eventually eclipse all other currencies in traded value and in use as an international reserve currency. As it stands in 2011 the CNY is not a highly traded currency nor is it a significant reserve currency by any standard of valuation. While stating the desire for the CNY to be respected as a viable reserve and safe haven currency, it is widely accepted as fact that the PRC is has taken substantial steps to ensure the CNY is undervalued in order to maintain exports and give the PRC a competitive advantage in international trade. This fact among other critical issues all need to be addressed before the CNY is trusted and accepted in worldwide markets.
Coins used:
frequently - ¥0.1, ¥0.5, ¥1
rarely - ¥0.01, ¥0.02, ¥0.05
Banknotes used:
frequently - ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
rarely - ¥0.1, ¥0.2, ¥0.5, ¥2
Central Bank
People's Bank of China
http://www.pbc.gov.cn
The word renminbi is translated as the "people's currency" and each unit of the renminbi is called the yuan, hence the "Y" in the CNY currency code. The yuan can be split into 1/100th of Yuan units known as one f?n, with 10 fen equal to one jiao and 10 jiao equal to one yuan. In practical daily life, the f?n is rarely used with the most common small currency denomination being the jiao. All of these types of CNY denominations are issued by the Peoples Bank of China and are considered legal tender throughout the Chinese mainland excluding Macau and Hong Kong.
The PRC is cautiously making international trade using the CNY as the transacting currency available to other countries. Prior to 2009 all trade had to be completed in USD through a specific process where the USD would be converted throughout the People's Bank of China (PBC) into CNY leaving them with a transaction fee and holding USD, with the PRC company being paid in CNY. In the case of purchases from outside companies, the PBC would remit in USD and hold the CNY with the net result of never allowing USD in nor letting CNY out of the country. Starting in 2009 the PRC began to transact limited business between companies in Shanghai and Guangdong provinces and affiliated companies in Macau, Hong Kong and specific ASEAN member nations.
Citing success of this plot program the PRC began to expand the program to an additional 20 provinces and by the end of 2011 all provinces within the PRC were allowed to transact on a limited and provisional basis with their counterparts in other nations. All of this is strictly controlled and studied as the PRC takes gradual and cautious steps in setting the stage for the CNY to eventually dominate world markets.
While it had been speculated that the CNY would become the third largest reserve currency by the end of 2011, that prediction fell flat as the PRC failed to open liquidity and access to the CNY by international traders and markets. The PRC is clearly taken a slower path than most expected, no doubt as a measure of caution in order to ensure that any openness or allowance for the internationalization of the CNY will not disrupt of negatively alter the economy. This has its roots in the PRC's desire to join the legitimate international community yet their difficulty in shedding their old command and control ways of transacting business. In order for the CNY to overtake the world stage a new era of openness and verifiability will be required, liquidity of all CNY financial instruments needs to be made available, and the PRC must be able to convince the international community that they are committed to openness and progress and will not change course unexpectedly in the future. With these and other changes the CNY is positioned well to overcome the rest of the worlds currencies and become the worlds most widely held reserve currency. While the PRC is taking slow steps, they are making quicker advances in allowing countries that wish to withdraw from the EUR and USD such as Venezuela, Russia, Thailand, and Vietnam.
Recently the PRC has allowed more commodities such as gold to be traded in CNY which will inevitably lead to oil and other oil related commodities all of which further sets the stage for the CNY to quickly overcome most other currencies, possibly even the USD, within a few years. Currently the speculation is that this will make Hong Kong the hub for CNY trades and as a force in commodities as well as oil given the Hong Kong entrance in gold and silver with the Chinese Gold & Silver spot market exchange based in Hong Kong. Though no full speculation would be complete without the possibility that the PRC has it own plans to circumvent Hong Kong and establish a full commodity exchange, currency, and trading hub within the main PRC.
Other References
Wikipedia article on Renminbi
XE.com Live Currency Converter for CNY
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