In 2015, the price of a dollar was around 6.20 yuan, and in 2024 more than 7.20 yuan are needed to buy a dollar. Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in how to mine ravencoin the world to see their currency history.

You can buy Chinese Yuan Renminbi before you travel, or on arrival if you’d prefer. Which works best will come down to the fees and exchange rates you can find both locally and when you get to your destination. One disadvantage of buying Chinese Yuan Renminbi when you arrive is that you’ll waste time looking for exchange offices – while taking all your cash with you isn’t necessarily a smart choice for safety.

How to avoid losing money on the Chinese yuan exchange rate?

Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. There’s no single best provider when it comes to exchange rates. Some banks allow you to exchange money in a branch location. The processes and eligibility rules here do vary quite a lot. In some cases you’ll need to already hold an account with the bank you pick, for example.

It can be tempting to buy Chinese yuan in cash from high street banks, a local bureau de change, or by home delivery, but these methods can cost you more. Instead, save money on the exchange rate with a Wise multi-currency debit card. This means that looking for a service which has transparent exchange rates which are the same as – or close to – the mid-market exchange rates is a good idea. You can compare a few live exchange rates for popular providers using the Exiap tools, to find the best Chinese Yuan Renminbi exchange rate based on the specific transaction you want to make. They add hidden markups to their exchange rates – charging you more without your knowledge.

Waiting on a better rate?

The Renminbi in Foreign ExchangeDuring the command economy, the Chinese Yuan Renminbi was set to unrealistic exchange values and as a result, severe currency guidelines were put in place. When China’s economy opened in 1978, the Yuan Renminbi was only used domestically and foreigners used exchange certificates; this led to a powerful black market. From 1997 to 2005, the Chinese government pegged the Chinese Yuan Renminbi to the US Dollar at approximately 8.3 CNY to 1 USD. In 2005, a flexible mechanism of exchange rates was phased in, with the RMB being re-evaluated to 8.1 Renminbi per US dollar. The program has since expanded to all areas of China and all international counterparties. China has also made agreements with Australia, Japan, Thailand, Russia, and Vietnam to allow for direct currency trade, instead of converting to the US Dollar.

Looking to buy a different foreign currency?

Order 70 currencies online or in a branch, for collection or delivery in days. Sell back unused foreign notes to the bank after your trip. This calculation is based on spending 1,000 GBP to compare travel money with the Wise card vs exchanging cash for a holiday. Average hotel costs in China do vary a lot but can start from around $68. On top of that you’ll need to budget for food, at around $23 per meal. If you’re looking for an easy life you could also choose to take an organized tour which means there’s no need to plan all your activities individually.

There are additional locations in Chicago and Los Angeles, but they are only for corporate clients. Account holders can withdraw in renminbi and in dollars. As long as they hold money in these accounts, investors benefit from any appreciation in value in the Chinese currency. Many major airports have currency exchange desks which stock major currencies for instant conversion. You may also be able to order money in advance for collection. However, it’s useful to know that a lack of local competition can mean that prices are high at the airport, with exchange rate markups adding to the overall cost significantly.

Wise travel money card

1. As an alternative, getting a travel money card from a service like Wise could be a good bet for flexibility, security and cost.
2. The lower the cost of converting your money to CNY, the more money for you.
3. Recently, the yuan is gaining substantially greater acceptance worldwide, due to the Chinese government seeking a large role in global economic affairs.
4. We may receive a referral fee if you choose one of these providers, but that won’t affect the ranking of the provider, the exchange rates or any fees you are charged.

With the Wise debit card, you can send and spend money at the real exchange rate, and convert it instantly. Withdraw money from ATMs abroad — with no fees on your first £200 every 30 days — or pay in shops and restaurants around the world. Wise always gives you the real exchange rate, just like the one you’ll see on Google. So when you make an international money transfer, you’ll know exactly what you’re getting. No nasty surprises — just the best Chinese yuan rate, with a fair, transparent fee upfront.

Further bolstering the status of China, the International Monetary Fund (IMF) added the Chinese renminbi to its list of reserve currencies to be used, in part, for central bank transactions. Renminbi and yuan are often used interchangeably as the name of China’s currency. Technically, the name of the currency is renminbi and the unit of denomination is yuan. Because Chinese Yuan Renminbi are a commonly traded currency you might find your bank has them in stock if they offer travel money services. Call in advance to ask if they have Chinese Yuan Renminbi on hand to avoid a wasted trip. If you have an overseas trip or vacation coming up, planning your travel money in advance can save you time and money.

In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. As long as we get your money within a day, you’ll never lose out on a great price. The lower the cost of converting your money to CNY, the more money for you. That’s why it’s important to see the full cost of an international transfer before you send it. Another way to invest in the yuan is through exchange traded funds (ETFs) designed to perform in accordance with the value of the Chinese currency.

These currency charts use live mid-market rates, are easy to use, and are very reliable. Live tracking and notifications + flexible delivery and payment options. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. You should always look for the best possible exchange rate, regardless of the conversion method you’re using. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods.

As a managed float, the Renminbi’s value is determined by a basket of foreign currencies. To compare your options it helps to understand a bit about the mid-market exchange rate. That’s the rate you’ll see for USD to CNY exchange if you use an online currency converter tool or a Google search. The mid-market rate is commonly used as a benchmark as it’s the one quoted on wholesale markets. However, banks and exchange services don’t usually pass this rate on directly.

Or, set your budget to cover about $17 per day to make sure you can get the most from your trip. If you’ve left your planning a little late you still have the option to buy Chinese Yuan Renminbi at the airport in many cases. Get your travel money instantly in a branch of CXI, or order in advance for collection in person at a bank like Wells Fargo. It may take time for your payment to clear and for your currency to be available. Our currency rankings show that the most popular Chinese Yuan Renminbi exchange rate is the CNY to USD rate.