Currency
USD/CNY exchange-rate chart
USD/CNY prices the US dollar against the onshore Chinese yuan. The dollar is the base currency, so the number on the chart is how many onshore yuan one dollar buys.
This one is different from every other pair here. The onshore yuan does not float. It trades inside a band around a reference rate the People's Bank of China sets each morning, so the chart shows a managed rate, not a market-cleared one.
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 yuan, or renminbi, is issued by the People's Bank of China. Each morning before the Shanghai session opens, the PBoC publishes a reference rate, and the onshore yuan may trade only within a set band around it that day. That is not how the other currencies on this site work.
There is also an offshore yuan, CNH, traded in Hong Kong and elsewhere outside mainland capital controls. CNY and CNH usually sit close together. When they pull apart, it is normally a sign of capital-flow pressure the onshore band is holding back.
How to read this chart
A rising line means the dollar is gaining and the yuan is weakening inside its band. A falling line means the yuan is strengthening.
A Chinese exporter invoicing in dollars converts each sale into more yuan when the line rises, which helps export margins. But the band caps how far this goes in any session, so treat day-to-day moves as policy output rather than market pricing.
What moves it?
- The PBoC daily fixing
- The reference rate published each morning sets the day's permitted range and signals where the central bank wants the currency. It is the single most important input.
- Capital controls
- Mainland China restricts cross-border capital movement, so the onshore rate cannot adjust as fast as trade and investment flows alone would push it.
- China's trade balance
- The size of the surplus, especially with the United States, drives underlying currency demand and shapes the political pressure on exchange-rate policy.
- The US–China rate gap
- The spread between Fed and PBoC policy rates changes the incentive to move capital, to the extent the controls allow it.
- Gaps against offshore CNH
- Pressure shows up first in the freely traded offshore rate. A widening CNY–CNH gap is a useful early signal.
Why people watch it
If you buy from or sell to mainland China, this rate tells you what kind of currency risk you actually have - managed, and capped in the short term, rather than freely floating.
Treasury teams also watch the daily fixing and the CNY–CNH gap as a read on policy direction, which usually says more than the rate itself.
USD/CNY vs the US Dollar Index
The PBoC manages the yuan against a basket of currencies, not the dollar alone. Broad dollar strength is one input into the daily fixing, not the whole story.
Read the two together to separate deliberate yuan policy from moves that are simply the dollar doing the same thing to everyone.
Frequently asked questions
What is the difference between USD/CNY and USD/CNH?
CNY is the onshore yuan, traded in mainland China under PBoC management and capital controls. CNH is the offshore yuan, traded in Hong Kong and elsewhere with far fewer restrictions. They usually track closely, and the gap widens when capital-flow pressure builds.
What is the PBoC daily fixing?
A reference rate the People's Bank of China publishes each morning before the Shanghai session. The onshore yuan may trade only within a set band around it for that day.
Why can't the onshore yuan move as freely as other major currencies?
Capital controls plus the daily trading band. Together they limit how far and how fast the onshore rate can move, by design.
What does a weaker yuan mean for a Chinese exporter?
Dollar sales convert into more yuan. A move from 7.10 to 7.25 adds roughly 21,000 yuan to a $1m invoice, before any pricing response from customers.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The text here is deliberately evergreen: it is not rewritten every time the market moves, and no price or level is quoted anywhere outside the chart itself.
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