USD/CNY Exchange Rate History
A decade of US Dollar–Chinese Yuan movements, with the events that drove them.
USD/CNY 10-year snapshot
USD/CNY currently sits roughly 49% through its 10-year range — in the middle of the decade range.
The last decade in USD/CNY
USD/CNY is the most policy-managed major currency pair — the People's Bank of China sets a daily reference rate ("the fix") and allows trading within a ±2% band around it. Over 2016–2026, the pair traded between 6.3 (2018 peak yuan strength) and 7.34 (2024 weakness peak). Unlike free-floating currencies, USD/CNY moves reflect explicit PBOC policy choices about trade competitiveness, capital-flow management, and US-China geopolitical signals.
Long-term trend
Gradual managed CNY weakening since 2014. The CNY peaked against USD around 6.05 in early 2014 — since then PBOC has allowed gradual depreciation to roughly 7.0-7.3 levels. The 2015 surprise mini-devaluation, 2018-2019 trade-war episodes, and 2022-2024 property-sector stress all accelerated the trend. CNY remains far more managed than its float-style label suggests — the PBOC actively guides the fix during stress periods.
Key events
PBOC surprise mini-devaluation
The PBOC suddenly devalued the daily reference rate by 1.9% — the largest one-day move since 1994. Global markets crashed on fears of Chinese growth slowdown. Capital flight from China accelerated.
USD/CNY rose from 6.21 to 6.45 in three trading days — a 4% CNY decline.
Trump-China trade war escalation
Initial Section 301 tariffs of $50B on Chinese imports triggered the first round of CNY weakness. The PBOC allowed the yuan to weaken as a partial offset to tariff costs.
USD/CNY rose from 6.27 (March 2018) to 6.97 (October 2018) — an 11% CNY decline over seven months.
First close above 7.00
CNY crossed the psychologically-important 7.00 level against USD for the first time since 2008, triggering Treasury currency-manipulator designation (later removed in January 2020 as part of Phase One trade deal).
USD/CNY closed at 7.05 on August 5, 2019.
Property crisis + Fed tightening
The Chinese property crisis (Evergrande, Country Garden defaults) combined with aggressive Fed tightening drove USD/CNY to multi-year highs. PBOC strengthened the fix to slow CNY weakness but couldn't reverse the trend.
USD/CNY rose from 6.7 (April 2022) to 7.28 (October 2022) — 8.6% CNY decline.
CNY at 7.34 — multi-year weak peak
Continued property-sector stress, weak consumer spending, and dovish PBOC policy versus hawkish Fed drove USD/CNY to its weakest CNY level since 2007.
USD/CNY peaked at 7.34 in July 2024.
PBOC stimulus + CNY stabilization
Coordinated 1 trillion yuan property-sector stimulus, RRR cuts, and PBOC fix management stabilized CNY. Trade-deal speculation with Trump 2.0 also provided support.
USD/CNY consolidated in 7.10-7.30 range through 2025-2026.
Practical takeaway
For travelers to China or businesses with China exposure, USD/CNY moves on policy choices, not market forces. The PBOC daily fix at 01:15 UTC is the most important data point — sustained weaker fixes signal explicit CNY-weakening policy. CNY moves typically drag down Asian peers (KRW, AUD, JPY) as Chinese demand is the regional growth driver. For sending money to China, restrictions remain — individuals face ¥50,000 annual conversion limits and most large transfers require business documentation.
Convert USD to CNY now
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Frequently asked questions
Is USD/CNY a floating exchange rate?
CNY is a managed float. The People's Bank of China (PBOC) sets a daily USD/CNY reference rate ("the fix") at 01:15 UTC and allows trading within a ±2% band around it. The fix itself is determined by the previous day's closing rate plus PBOC discretionary adjustment. In practice the PBOC actively guides the fix to manage CNY direction during stress periods.
What is the difference between CNY and CNH?
CNY is the onshore yuan — it trades within mainland China under PBOC control. CNH is the offshore yuan — it trades in Hong Kong, Singapore, and London with more market-driven pricing. The two normally track each other within 1%, but large gaps open during stress episodes when offshore traders push CNH weaker than the PBOC-managed onshore rate.
When is the USD/CNY fix released?
The PBOC publishes the daily fix at 01:15 UTC, just before onshore trading opens. A fix that comes in weaker (higher USD/CNY) than consensus forecasts typically drags down AUD, KRW, and other Asian currencies for the rest of the session. The fix is one of the most-watched data points in Asian FX trading.
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