Chinese Yuan (CNY)

China — People's Bank of China

Chinese yuan / renminbi — the managed currency of the world's second-largest economy.

FX Session:
Tokyo
CNY/USD
0.14641
CNY/USD Exchange Rate
Economic Indicators
Indicator Latest Previous Change Date
Policy Rate -5.3 -5.1 -0.20 2025-05-31
Inflation 0.2 0.7 -0.50 2025-10-31
Core Inflation — — — 2025-05-31
Gdp -5.3 -5.1 -0.20 2025-05-31
Unemployment -5.3 -5.1 -0.20 2025-05-31
Trade Balance 625019.54 633321.43 -8301.89 2025-05-31
Retail Sales — — — 2025-05-31
Ppi — — — 2025-05-31
People's Bank of China Press Releases

No press releases available.

About the Chinese Yuan (CNY)

The Chinese yuan (CNY), also called the renminbi (RMB), is the official currency of mainland China. It trades onshore as CNY (within a daily band set by the People's Bank of China) and offshore as CNH in Hong Kong and other financial centres.

People's Bank of China: monetary policy framework

The People's Bank of China (PBoC) sets the daily USD/CNY mid-point fix and uses a range of policy tools — the medium-term lending facility (MLF) rate, reserve requirement ratio (RRR), open-market operations, and the loan prime rate (LPR) — to manage liquidity and credit conditions.

What moves the CNY?

  • PBoC daily USD/CNY mid-point fix and policy-tool announcements.
  • China NBS PMI, Caixin PMI, retail sales, and industrial production.
  • China property-sector data and credit aggregates (TSF, M2).
  • US-China yield differential and DXY moves.
  • Trade-balance data and capital-flow indicators.
  • Geopolitical and trade-policy news, particularly with the US.

Key data and events to watch

  • PBoC daily fix and LPR / MLF announcements.
  • Monthly NBS and Caixin PMIs.
  • Quarterly GDP and monthly activity data.
  • Total social financing and new yuan loans.
  • USD/CNH offshore as a real-time risk gauge.

Frequently asked questions about the Chinese Yuan

What is the difference between CNY and CNH?
CNY is the onshore yuan, traded within mainland China and constrained by a ±2% daily band around the PBoC's mid-point fix. CNH is the offshore yuan, traded mainly in Hong Kong with no daily band, and is the most accessible form of the renminbi for international investors.
Is the yuan a freely floating currency?
No. The PBoC sets a daily USD/CNY mid-point fix and limits onshore trading to a band around it. Capital-account restrictions also limit free convertibility. The currency operates under a managed-float regime.
What is the difference between yuan and renminbi?
'Renminbi' is the official name of the currency (literally 'people's currency'). 'Yuan' is the principal unit of denomination. The two terms are often used interchangeably.
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