Currency
USD/CNY exchange-rate chart
USD/CNY quotes the US dollar, issued by the Federal Reserve, against the onshore Chinese yuan (renminbi), issued by the People's Bank of China (PBoC). The dollar is the base currency and the yuan is the quote currency, so the figure shown is how many onshore yuan one dollar buys.
Unlike the other pairs on this page, USD/CNY is not a freely floating interbank quote. The onshore yuan trades within a managed band around a daily reference rate set by the PBoC, so this chart reflects a managed reference rate rather than a purely market-determined mid-market price.
USD / CNY chart
FX_IDC:USDCNYOnshore Chinese yuan reference rate (FX_IDC).
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At a glance
| Full name | United States Dollar / Chinese Yuan (onshore) |
|---|---|
| Pair code | USD/CNY |
| TradingView symbol | FX_IDC:USDCNY |
| Instrument type | Managed onshore reference rate, not a freely floating interbank quote |
| Base currency | US dollar (USD) |
| Quote currency | Onshore Chinese yuan (CNY) |
| What one unit represents | How many onshore yuan one US dollar buys, within the PBoC's permitted trading band |
| Market schedule | Onshore Shanghai interbank trading during Chinese business hours, on top of the PBoC's daily reference-rate fixing before the session opens; closed at weekends and Chinese public holidays |
| Central banks involved | People's Bank of China; US Federal Reserve |
| Liquidity/session notes | Onshore trading is restricted mainly to mainland Chinese business hours and is subject to capital controls; the offshore yuan (CNH) trades more freely around the clock |
| Data delay note | Chart data may be delayed; this page is not a dealing or payment rate |
What is USD / CNY?
The Chinese yuan (renminbi) is issued by the People's Bank of China, which manages the currency's value onshore within mainland China through a daily reference rate, or 'fixing', around which the yuan is permitted to trade within a set band during the Shanghai trading session. This differs fundamentally from the freely floating currencies elsewhere on this page.
A separate, more freely traded offshore version of the yuan, known as CNH, trades in centres such as Hong Kong and is not subject to the same onshore capital controls. USD/CNY and USD/CNH usually track closely but can diverge, particularly at times of policy stress or capital-flow pressure, because the onshore market operates under PBoC management while the offshore market is more market-driven.
How to read this chart
A rising USD/CNY line means the dollar is strengthening against the onshore yuan (the yuan is depreciating within its permitted band) — one dollar buys more yuan. A falling line means the yuan is appreciating against the dollar.
A Chinese exporter invoicing in dollars receives more yuan per sale when the yuan depreciates (rising USD/CNY), which can support export competitiveness; yuan appreciation (falling USD/CNY) has the opposite effect. Because the rate is managed, day-to-day moves are constrained by the PBoC's daily fixing and trading band, and the chart is not a market-clearing mid-market rate in the same sense as freely floating pairs.
What moves it?
- PBoC daily fixing
- The People's Bank of China sets a daily reference rate each morning, which anchors the permitted trading range for the onshore yuan that day and signals the central bank's policy stance.
- Capital controls and cross-border flow restrictions
- Mainland China maintains restrictions on cross-border capital movement, which shape how quickly and how far the onshore yuan can move relative to underlying trade and investment flows.
- China's trade balance
- China's overall trade surplus or deficit, particularly with the United States, affects both underlying currency demand and the political backdrop to exchange-rate policy.
- US–China interest-rate differential
- The gap between Federal Reserve and PBoC policy rates influences capital flow incentives, within the constraints imposed by China's capital controls.
- Divergence from the offshore market (CNH)
- Pressure building up in the more freely traded offshore yuan market can influence expectations for, and occasionally the management of, the onshore rate.
Why businesses and investors monitor it
Businesses trading with mainland Chinese suppliers or customers use USD/CNY to understand the managed exchange-rate environment they are operating in, which differs materially from freely floating currency risk elsewhere.
Treasury teams with China-linked supply chains or revenue also monitor the PBoC's daily fixing and any divergence from the offshore CNH rate as an indicator of policy stance and potential future currency moves.
USD/CNY vs the US Dollar Index
Because the PBoC references a basket of currencies, not only the US dollar, when managing the yuan, broad dollar strength or weakness (as captured by the US Dollar Index) is one of several inputs into how the daily fixing and onshore rate evolve over time.
Comparing USD/CNY with the dollar index can help distinguish yuan-specific policy decisions from moves that are simply part of a broader global dollar trend affecting many currencies at once.
Frequently asked questions
What is the difference between USD/CNY and USD/CNH?
CNY is the onshore yuan, traded within mainland China under PBoC management and capital controls. CNH is the offshore yuan, traded in centres such as Hong Kong with fewer restrictions and more market-driven pricing. The two usually track closely but can diverge.
What is the PBoC daily fixing?
It is a daily reference rate set by the People's Bank of China each morning before the Shanghai market opens, around which the onshore yuan is permitted to trade within a set band that session.
Why can't the onshore yuan move as freely as other major currencies?
China maintains capital controls and a managed trading band around the PBoC's daily fixing, which limits how far and how quickly the onshore rate can move compared with freely floating currencies.
What does yuan depreciation mean for a Chinese exporter?
A weaker yuan (rising USD/CNY) means dollar-denominated export sales convert into more yuan, which can support export competitiveness, all else equal.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The explanatory text on this page is evergreen: it is not updated with market movements, and no current price or level is quoted anywhere outside the chart.
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