About USD/CNH
USD/CNH is the offshore quote for the Chinese yuan, traded mainly in Hong Kong and distinct from the onshore CNY rate. China operates a managed float: the People’s Bank of China publishes a daily reference rate and the onshore currency may trade within a band around it. The offshore rate is not bound by that band, which is why CNH and CNY can diverge, and why the offshore market is often watched as a gauge of pressure on the currency.
What Moves USD/CNH?
The PBoC daily fixing
The reference rate is the clearest signal of official intent, and a fixing that differs from market expectations moves the currency directly.
The CNH-CNY spread
The gap between the offshore and onshore rates is itself a widely watched measure of market pressure and of how far expectations diverge from official policy.
Chinese growth and trade
Export performance, credit conditions and the property sector all feed through.
US policy and trade relations
The dollar leg responds to Federal Reserve policy, and the pair is unusually sensitive to trade and tariff developments.
Trading USD/CNH
Prices on this page come from our own market feed. The chart, the 52-week range and the performance figures are measured from our own daily closes, and any figure our history cannot support is withheld rather than estimated. Nothing here is a recommendation or a forecast β see our methodology for how each figure is produced.