The lowdown on the Chinese yuan renminbi
Economical Influences and the Yuan Renminbi
Knowing exactly what to call the Chinese currency can get a bit confusing. The renminbi is China’s official currency, but the yuan is its basic unit. It’s a bit like in the UK, where the currency is pounds sterling – we don’t say sterling on its own, we just talk about pounds.
In a country known as the People’s Republic, renminbi means the people’s currency – it was introduced when the Communist People’s Republic of China was formed in 1949. You can use yuan in mainland China, but not officially in Hong Kong or Macau – although they might be accepted in some places.
The yuan goes by different names in some parts of China – in Tibet it’s called a gor, and in Mongolia it’s sometimes known as a tugreg or yuani. But the most common name for yuan is kuai, which means piece, or kuai qian, which means pieces of money. In China, it’s just like saying buck in Australia or quid in the UK.
Chinese Yuan Renminbi Historical Market Exchange Rate
Throughout the past decade, the New Zealand dollar to Chinese yuan renminbi exchange rate has fluctuated between 1 NZD to 3.43740 CNY to 1 NZD to 5.66627 CNY. 1
Beginning 12th July 2014, the NZD was sitting at around 5.46 CNY. Improving significantly over the following months, by 2nd February 2015 the renminbi’s value skyrocketed against the New Zealand dollar to reach 4.53779 per 1 NZD.1
The yuan renminbi continued to perform well against the NZ dollar for the remainder of 2015; experiencing its strongest performance on 6th September when 1 NZD was converting to 3.99557 CNY.1
By mid-July 2016 the NZD was buying around 4.88 CNY, fluctuating further to approximately 5.05 CNY per NZD by the end of July 2017.1
In 2018 to date the New Zealand dollar to Chinese yuan renminbi exchange rate has fluctuated between 1 NZD to 4.37787 CNY and 1 NZD to 4.73400 CNY.1
Learn more about the CNY before you travel to China and create a currency rate alert so we can notify you when it hits the rate you want.
Exchange rates last updated Wednesday, 21 October 2020 7:10:44 p.m. NZDT. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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*Data correct as of 6 November 2018.
*The information contained in this article has been compiled by Travelex from different different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex NZ Limted arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.