Currency converter usd to rmb update#

Starting in May of 2006 however, the yuan finally began to gain more ground against the dollar, and was trading at a conversion rate of USD to CNY ¥7.8128 by the end of the year. The fifteen-year average exchange rate between the currencies is USD to CNY ¥7.3521.įrom 2000 to mid-2006 the dollar traded in a narrow band of ¥8.00 to ¥8.27. Since 2000, the dollar-to-yuan (USD to CNY) conversion rate has stayed in a fairly consistent trading range of ¥6.0982 to ¥8.2796. (Note: the two terms are used interchangeably, similar to “pound” and “sterling”.) The value of the USD has historically been higher than the yuan, and though the yuan has been gaining, the dollar still has the edge. Use of the yuan renminbi in international trade and other foreign exchange operations has risen sharply since 2013, highlighting the dramatic growth of the Chinese economy. In January of 2015, the yuan passed both the Canadian dollar and the Australian dollar by value to take over the fifth spot on the global list of world payment currencies fueling an increased demand for international money transfer with the currency. China’s yuan renminbi (CNY) is right behind it and has been on the rise as a global currency in recent years. The dollar is the world’s leading international reserve currency and its top-traded currency.

The US dollar (USD) is the official currency of the United States and has been in circulation for over 200 years. The information presented in the review is accurate as of the date of the review.Ĭheck with the providers directly for the most current information.įXcompared does the research to help you compare international money transfer providers from around the globe. Opinions expressed therein are solely those of the reviewer. FXcompared is not an FX trading platform and should not be used to inform anyĪll reviews are prepared by FXcompared. Reflect any special rates individual customers may be offered by a provider, either on sign up or ratesįor any repeat transfers.

Currency converter usd to rmb update#

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