Convert CNY to USD
The CNY/USD currency pair saw significant fluctuations in the wake of the trade war that US President Donald Trump unleashed when he hiked tariffs on Chinese imports into the country. The Chinese yuan fell below the key level of 7 against the dollar, with the PBOC unleashing the devaluation of the currency in retaliation to the higher tariffs by the US.
CNY/USD offers great opportunities for traders to generate profits, but is challenging as it requires a deep knowledge about fundamentals related to China and geopolitics, in addition to experience with technical indicators for analysis. As a result, it may not be as easy a pair for new forex traders to trade.
CNY is the symbol for onshore Renminbi - the currency which is traded within Mainland China exclusively. On the other hand, CNH represents offshore Renminbi - the currency traded outside of Mainland China.