What is the difference between CNH and CNY?

CNH is the offshore renminbi, traded more freely outside mainland China; CNY is the onshore version, traded in a managed band around the PBoC's daily fix.

How does the PBoC influence USD/CNH?

Through the daily reference rate (the 'fix') and liquidity tools, the PBoC signals how much renminbi strength or weakness it will tolerate.

Why does USD/CNH matter beyond China?

China is the world's largest commodity importer, so renminbi moves transmit into commodity prices and risk-sensitive currencies such as the Australian dollar.

USD/CNH

US Dollar / Offshore Chinese Renminbi

USD/CNH tracks the dollar against the offshore renminbi, shaped by the PBoC's daily fix, Chinese policy, and global risk.

USD/CNH is the exchange rate between the US dollar and the offshore Chinese renminbi (CNH), which trades more freely than the onshore version (CNY). It is the most accessible way for international traders to take a view on the renminbi and, by extension, on Chinese growth and policy.

The People's Bank of China manages the currency through a daily reference rate (the 'fix') and a suite of liquidity tools, so USD/CNH reflects both market forces and official intent. Because China is the world's largest commodity importer, moves in USD/CNH spill over into commodity prices and risk-sensitive currencies like the Aussie.

What moves USD/CNH

PBoC daily fix
Stronger- or weaker-than-expected fixes signal official tolerance for renminbi moves.
Chinese growth & stimulus
Policy support and data shape sentiment toward the renminbi.
US–China rate & trade dynamics
Rate differentials and trade tensions influence the pair.
Global risk sentiment
Risk-off episodes can pressure the renminbi and lift USD/CNH.

Trading sessions

Most active during the Asian session around the PBoC fix and into London; sensitive to Chinese data releases.

Volatility

Usually managed and lower-volatility than free-floating majors, but capable of sharp moves when the PBoC signals a shift or during trade-tension episodes.

Central banks behind this pair

USD/CNH FAQ

What is the difference between CNH and CNY?: CNH is the offshore renminbi, traded more freely outside mainland China; CNY is the onshore version, traded in a managed band around the PBoC's daily fix.
How does the PBoC influence USD/CNH?: Through the daily reference rate (the 'fix') and liquidity tools, the PBoC signals how much renminbi strength or weakness it will tolerate.
Why does USD/CNH matter beyond China?: China is the world's largest commodity importer, so renminbi moves transmit into commodity prices and risk-sensitive currencies such as the Australian dollar.

Related currency pairs

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