Chinese Yuan


  • Convertible: Yes
  • Transferable: Yes
  • Exchange rate regime: Managed Float

Available Currency Pairs

Transaction Types

Delivery date: T+1; T+2
Liquidity: High
Maximum maturity: 24 months
Liquidity: High

Did You Know?


Monetary policy

  • The People’s Bank of China (PBoC) is China’s central bank, responsible for maintaining monetary stability and promoting the country’s economic growth.
  • Price setting method: The Renminbi is the only Chinese currency: there are, however, two separate quotation markets. The CNY (Onshore Yuan) is traded only in mainland China, and Chinese authorities manage the value of the CNY relative to a basket of currencies. The CNH (Yuan Offshore) is only traded outside of China, and its value follows that of the CNY, with relatively small differences to the up- or down-side, as a result of supply and demand in the market.
  • Note: transfers are always made in CNY. The CNH does not exist in the banking network as a separate currency the denomination refers to Yuan once they are traded offshore (the H is CNH refers to Hong Kong).

Features and highlights

  • The CNH spot market only developed from 2010: it has been experiencing a meteoric rise.
  • In 2016, according to SWIFT, the CNH was the fifth most used currency in international payments. Also, note that London is the second-largest market for CNH (after Hong Kong). However, since then, it didn’t advance much further in usage as many Chinese companies trade in US, EUR or other currencies.

As local players don’t always get attractive FX rates, it can be better for European companies to pay or invoice in CNH and hedge themselves, compared to have the Chinese counterpart handle the FX flows.

  • One could also encounter the notations CNO (onshore CNY) and RMB (renminbi, the Chinese word for “money“).

Expert opinion

  • The value of the CNH is closely correlated with that of the CNY, although ifferences may appear at certain specific periods (e.g. market tensions, PBoC decisions)


There are no special restrictions on the purchase and sale of CNH.

Important Information


The IBAN format is not used in China. Payment instructions must contain:

  • The BIC Code of the beneficiary bank.
  • The full name, address and account number of the beneficiary.
  • The POP (Purpose of Payment) which is divided into four categories: transfer of goods, transfer of services, donations to a charity or other reasons for payment.

Keep In Mind

Public Holidays

New Years Day 1 Jan
Good Friday 30 Mrt
Easter Monday 2 Apr
Labour Holiday 30 Apr
Tuen Ng Day 18 Jun
Mid-autumn Festival 24 Sep
Chung Yeung Day 28 Okt
Lunar New Year 15 Feb
Holy Saturday 31 Mrt
Ching Ming Festival 5 Apr
Buddha’s Birthday 22 Mei
Establishment Day 2 Jul
Chinese National Day 1 Okt
Christmas Day 25 Dec

When a holiday falls on a weekend, the next business day becomes a holiday

Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts

Reference guide
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