1 USD to CNY US Dollars to Chinese Yuan Renminbi Exchange Rate

It also removes the risk that you show up at an exchange office only to discover that the currency you need isn’t available. Providers offer a broad range of currencies for delivery, with varying fees and exchange rates. Learning where to exchange foreign currency in China starts with knowing where not to exchange money.

My Account

However, cards aren’t accepted everywhere – so keep cash with you, especially if you’re headed off the beaten path. You’ll find Chinese banknotes in denominations of 1, 2, 5, 10, 20, 40 and 100 yuan and 1, 2 and 5 jiao. We compare the best rates for 40+ popular currencies available for purchase in the United States. You’ll only be able to use your Chinese Yuan Renminbi for spending in China. Normally, Chinese Yuan Renminbi won’t be accepted elsewhere, so if you have any left after your trip you might want to convert them back to US Dollars to spend at home.

Don’t forget to buy your Chinese yuan (CNY) before you leave for China.

• Orders placed for a business checking or savings account can only be delivered to a Wells Fargo branch.
• Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate.
• However, futures have preset expiration dates and are standardized unlike forward contracts, which allow customized amounts and settlement dates.

If you’re paying for plane tickets and hotels ahead of time, you can use dollars for your travel preparations. Once you’re on Chinese soil, you’ll encounter some merchants that accept US dollars as payment, but it’s not common. Be sure to ask the merchant ahead of time whether it’s an option. If you want a better exchange rate, don’t exchange your dollars for yuan at home. Instead, wait until you arrive at your destination to use a money exchange. You’ll have a wider range of options, boosting the odds of landing a more favorable exchange rate.

So you can delve into China’s rich culture and history without overspending. You’ll find various accommodation options that won’t break the bank. From budget-friendly hostels to mid-range hotels, even upscale properties in China are often more affordable than their Western counterparts. So, when people refer to the “Chinese yuan,” they are usually talking about the basic unit of the Renminbi. Yes, Chinese yuan (CNY) and Renminbi (RMB) are essentially the same currency.

But most critically, the PBOC tightened capital controls for private and public companies. This caused the value of outbound M&A to fall by 90 percent from 2016 to 2023, as Chinese companies had limited access to debt to finance the acquisition of Western firms. Exchanging US dollars (USD) for Chinese currency might seem intimidating, but we’re here to help.

Previous Series of Banknotes

The People’s Bank of China introduced the yuan in its current form in 1948, roughly a year before the People’s Republic of China formed. It introduced the yuan as a series of banknotes and rebranded it as the renminbi. Well, the yuan (CNY) is simply the basic unit of the renminbi currency. The name for Chinese currency, renminbi, translates to “the people’s currency.” The People’s Bank of China manages the renminbi, which is abbreviated as RMB.

Foreign Currency Exchange

There, an agent can help you exchange your money with low fees at a favorable rate. If you want to send money to family or friends in China, you can quickly and easily convert your dollars to yuan online using Western Union. You can even send money to yourself for pickup 15 modern mobile app features that can change how users view your app at an agent location in China.

The Chinese yuan wasn’t considered an international currency for years because of the Chinese government’s rigid controls. This began to change as the Chinese government began to promote international use of the RMB. The currency allowed the new administration to unify the Chinese economy which was then divided among several regional currencies. It also distinguished the new administration from the previous government whose policies had led to high levels of hyperinflation. Both the Qing Dynasty and early Republican government circulated silver yuan coins and banknotes. The traditional character for yuan is also used in the currencies of other Chinese-speaking regions in the 2020s including how much usd is 1 bitcoin the New Taiwan Dollar and the Hong Kong Dollar.

To find out if you can use an ATM to withdraw Chinese currency, check 5 best front end javascript framework to learn in 2022 whether your bank card logo appears on the screen or on the ATM itself. With Western Union, you can send money to China in just a few clicks at a great rate. The official full name of the Chinese currency is “yuan renminbi” which means “people’s currency”, the full name is only used on official occasions or circumstances. So, if you’re trekking to one of the country’s many rural regions, it’s a good idea to bring cash with you. The yuan currency’s roots trace back to the Spanish or Mexican dollar, which China imported from Spanish America from the 16th through 20th centuries.

Historical rates

Alternatively, you have the option to choose the Wise travel money card, and swerve from unclear exchange rates. With Verto, looking for affordable FX rates for the Chinese Yuan will no longer be a pain as we provide unparalleled access to competitive exchange rates for 49 currencies. Once you create a Verto account, you can receive free daily alerts and notifications on CNY rates directly in your inbox. Making business payments anywhere in the world has never been so simple. There’s no single best provider when it comes to exchange rates.

You may be able to buy your travel money from a bank, or from a currency exchange office or at the airport. For convenient travel without needing to carry a lot of cash with you, you could also get your CNY travel card before you leave, to spend and withdraw when you’re away. With demand for the yuan growing rapidly, Chinese authorities pursued yuan internationalization and more free capital markets, ignoring the trilemma. Authorities thought it impossible that enough capital would leave the Chinese economy to deplete its reserves. You are about to visit one of the oldest civilization in history?

Considered the world’s first international currency, it circulated in East and Southeast Asia. In large towns and places where tourists are a common sight, you’ll find it’s easy enough to pay using a credit or debit card. Simply top up your card and convert to the currency you need in real time using the Wise app.