Below are the best exchange rates for dollar to yuan offered on FXcompared from our chosen Chinese focused money transfer companies, to help you make the best choice for your provider. USD to CNY Exchange Rates.
TransferWise is an online only provider
WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.
WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.
MoneyGram is a leading remittance provider serving countries across the globe.
MoneyGram is a leading remittance provider serving countries across the globe.
The US dollar (USD) is the official currency of the United States and has been in circulation for over 200 years. The dollar is the world’s leading international reserve currency and its top-traded currency. China’s yuan renminbi (CNY) is right behind it and has been on the rise as a global currency in recent years. In January of 2015, the yuan passed both the Canadian dollar and the Australian dollar by value to take over the fifth spot on the global list of world payment currencies fueling an increased demand for international money transfer with the currency.
Use of the yuan renminbi in international trade and other foreign exchange operations has risen sharply since 2013, highlighting the dramatic growth of the Chinese economy. (Note: the two terms are used interchangeably, similar to “pound” and “sterling”.) The value of the USD has historically been higher than the yuan, and though the yuan has been gaining, the dollar still has the edge. Since 2000, the dollar-to-yuan (USD to CNY) conversion rate has stayed in a fairly consistent trading range of ¥6.0982 to ¥8.2796. The fifteen-year average exchange rate between the currencies is USD to CNY ¥7.3521.
From 2000 to mid-2006 the dollar traded in a narrow band of ¥8.00 to ¥8.27. Starting in May of 2006; however, the yuan finally began to gain more ground against the dollar, and was trading at a conversion rate of USD to CNY ¥7.8128 by the end of the year. Part of this gain in the yuan’s value was attributed to a weakening US economy and a dollar that was sliding in value against most of the world’s major currencies. But it was also a sign that the Chinese government’s efforts to improve the yuan’s profile as a global currency were having an impact.
In 2001, as a requirement of its official membership into the World Trade Organization (WTO), China agreed to implement a series of reforms meant to liberalise its economy. By 2006 it was clear that the Chinese economy was responding to these reforms; as the economic downturn hit the US economy in 2008 and spread to Europe in 2009, brought on by the US subprime mortgage crisis and then exacerbated in the eurozone by the Greek debt restructuring crisis, the Chinese economy continued to accelerate. By April 2008 the yuan had once again gained on the dollar, with the USD:CNY conversion rate standing at ¥6.9920.
Throughout 2010 and 2011 a strengthening US economy caused the dollar to begin gaining against many of the world’s major currencies and to steady somewhat against the yuan. Although the yuan continued to gain against the dollar, the gains had slowed in pace, and by the end of 2012, as the US economy began to stabilize, the exchange rate between the two currencies was at USD:CNY ¥6.2863.
The American economy continued to improve. In 2014 it began to surge ahead, as consumer confidence increased, consumption rose slightly and the employment rate ticked up. The yuan, meanwhile, fell about two percent against the dollar during the year, finishing 2014 at USD:CNY ¥6.1294.
In January 2015, Goldman Sachs released a report predicting that the US economy would continue to show strong growth through at least 2017, improving the dollar’s value against most major currencies. The yuan, meanwhile, had fallen to a conversion rate of USD:CNY ¥6.1438 in February, far from its high of 2012. Analysts predict the yuan will remain stable in the long-run, though some are predicting the it will decline further against the dollar when China decides to lower interest rates.
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