People send money from the U.S. to the China and the other way around regularly. In 2016, more than U.S. $15.4 billion was sent from the U.S. to China. In the same year, around U.S. $148 million made its way from China to the U.S. These numbers account only for remittances carried out for personal reasons.
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The U.S. dollar has been the official currency of the United States since 1792. Its use as a sole currency is seen in the Caribbean, two British Overseas Territories, the British Virgin Islands, as well as Turks and Caicos Islands. It is also used alongside other currencies in countries such as Haiti, Belize, Panama, Costa Rica, Liberia, Myanmar, Cambodia, and Zimbabwe.
The global forex market turnover share of the U.S. dollar exceeded 87% in April 2016. It is the world’s most commonly traded currency and also on the top of the list of global reserve currencies. According to estimates, more than U.S. $5 trillion makes its way through the foreign exchange market each day.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Chinese renminbi is the official currency of China. The yuan serves as a basic unit of the renminbi, although the term is also used to refer to China’s currency in general, especially outside of the country. Rapid internalization led the renminbi to become the eighth most traded currency in the world by 2013, and its fifth most traded by 2015.
In April 2016, the global forex market turnover share of the renminbi stood at 4%. It became a global reserve currency in November 2015.
|Sub unit||1 - yuan|
1/10 - jiao
|Bank notes||RMB 0.1, RMB 0.5, RMB 1, RMB 5, |
RMB 10, RMB 20, RMB 50, RMB 100
|Coins||RMB 0.1, RMB 0.5, RMB 1|
U.S. Dollar / Chinese Yuan Historical Rates
The Chinese yuan has remained a prominent part of the forex market ever since China began its efforts to reintegrate with the global economy in the mid 1990s. The currency pair the yuan is most commonly associated with is USD/CNY. From 1997 to 2005, China pegged its currency to the U.S. dollar, with one U.S. dollar valued at around CNY 8.3.
In July 2005, the People’s Bank of China revalued the country’s currency, appreciating it by 2.1%, and made a transition to a managed float system that was linked to a basket of currencies. At this point, one U.S. dollar valued at around CNY 8.1.
The yuan saw steady appreciation going forward, getting to CNY 6.80 to CNY 6.90 per U.S. dollar by July 2008. The People’s Bank of China allowed a managed float again in July 2010, causing the yuan to appreciate further. In late 2013 and early 2014, one U.S. dollar valued at just over CNY 6.
While the yuan depreciated to just under CNY 7 to the U.S. dollar by early 2017, it appreciated slightly after that. In the first half of 2018, the value of one U.S. dollar hovered in between CNY 6.30 and CNY 6.50.
USD/CNY in the last five years
|U.S. $1 =|
|1 July, 2013||CNY 6.1289|
|1 July, 2014||CNY 6.1740|
|1 July, 2015||CNY 3.2097|
|1 July, 2016||CNY 6.6373|
|1 July, 2017||CNY 6.7265|
USD/CNY in the last five months
|U.S. $1 =|
|1 March, 2018||CNY 6.2753|
|1 April, 2018||CNY 6.3332|
|1 May, 2018||CNY 6.4103|
|1 June, 2018||CNY 6.6210|
|1 July, 2018||CNY 6.8228|
What Affects USD/CNY Rates?
Since the value of the Chinese renminbi remains loosely pegged to the U.S. dollar, the former has a direct bearing on the value of the latter. The basket of currencies that the value of the yuan now depends on tilts heavily in favor the U.S. dollar, given that the U.S. is China’s leading trade partner. This has managed to keep the value of the yuan within a two percent range.
The currency power that China boasts of comes about mainly because of its export to the U.S. Besides, several companies in the U.S. now depend on their Chinese counterparts for assembly of goods. This is why America’s trade deficit with China works as a positive for American businesses. The economy of China affects the value of the U.S. dollar in other ways too. For instance, China’s potential credit problems and a slowdown in its economic growth helped the dollar gain in value in 2014.
USD/CNY exchange rates play a significant role when you send money from the U.S. to China, or from China to the U.S. Fortunately, several overseas money transfer companies provide bank-beating rates consistently, and all you need to do is compare your options well.