Foreign exchange market China forms an important segment of the national economy of China. Currently, the foreign exchange business constitutes the largest business component of the global financial market. The official currency of mainland China or the People’s Republic of China is known as the Renminbi Yuan or simply Yuan.
The Yuan is commonly symbolized as CNY. The foreign exchange rates in China are dependent on the exchange rate of Yuan with respect to other foreign currencies. The currency exchange rates in China keep on fluctuating according to the changes that are happening in the international trade and commerce scenario.
This is also observed in the foreign exchange market of China. With the recent growth of international trade in China, the Yuan is also being traded as an important currency in the forex market in a substantial volume. The exchange rates of Yuan are determined by the Chinese Central Bank and they are dependent on a number of factors. These factors include the volume of trading of Yuan, the supply of Yuan in the forex market and a number of other factors.
The operations of foreign exchange trading in China are carried out by a number of banks and foreign exchange trading agencies.
They offer excellent and dependable services to their customers and the exchange rates offered by them are competitive and cheap in nature. The facility of foreign exchange trading over the Internet is also available. With the help of this facility, foreign exchanges can be traded 24 hours a day and 7 days a week. A large number of websites in China are offering authentic information about the Chinese foreign exchange market and the foreign exchange rates prevailing in the market. The foreign exchange agencies in China are providing updated information to the forex traders online and the forex investors in China are finding it convenient in order to achieve their financial goals.
Presently, the forex rates available in China are the following:
|Currency||Exchange Rate with Yuan|
|A$ (Australian Dollar)||0.15|
|C$ (Canadian Dollar)||0.14|
|NZ Dollar (New Zealand)||0.17|
|Sterling Pound (United Kingdom)||0.07|
|U.S. Dollar (United States)||0.13|