![]() If you’re thinking of only visiting the larger cities such as Shanghai, Beijing, Guangzhou, Tianjin or Chengdu, you’ll find no real problems in using a credit card in China. It is said that in less than 10 years, the country will become the first tourist destination with the world’s largest number of visitors.Ĭredit cards are still not accepted in many places so it will be convenient to carry a travel card or cash with you. What the Chinese yuan looks like?Ĭhina’s international visitors have rocketed to an impressive 26 million in 2015. This special rate is set each day by the central bank after consideration of the values of currencies from China’s main trading partners. While market forces do play a part in China’s ‘managed float’ system, daily changes to the value of the yuan are restricted by the country’s central bank to moves of 2% above or below a midpoint, or reference rate, against the US dollar. Importantly, China’s currency is not freely floating, which is to say that it is not determined wholly by market forces or purely by demand and supply. It's all-time high occurred in January 1981 when USD/CNY hit 1.53.Ī high point for Chinese officials in recent years came when the yuan was added to the IMF’s Special Drawing Rights basket of currencies in October 2016 and, with its inclusion, joined the dollar, euro, yen and the pound as an official world reserve currency. The yuan reached its all-time low against the dollar in January 1994 when the exchange rate for USD/CNY reached 8.73. However, disappointingly, 95% of all yuan trading remains against just one other currency, the US dollar. An ISO of CHN denotes yuan traded in offshore markets, such as Hong Kong.Īccording to the Bank for International Settlements’ 2016 survey of the foreign exchange market, the yuan is now the world’s eighth most traded currency and has overtaken the Mexican peso to become the world’s most traded emerging market currency. The ISO for renminbi, or the yuan, is CNY. ![]() The renminbi-yuan relationship is similar to that of Britain’s sterling-pound ( sterling being the name of the currency and a pound being one unit of that currency). The Chinese currency is actually called renminbi, but you will more frequently hear it called by the name of its primary unit, the yuan.
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