The Chinese Yuan (CNY) to Australian Dollar (AUD) exchange rate has registered fairly dramatic movement over the last decade.
After trading in the range of 0.1500 to 0.1750 between 2006 and 2008, the CNY/AUD conversion rate spiked to a high of 0.2412 in late 2008 as investors responded to the messy trading conditions triggered by the Lehman Brother’s bankruptcy and the resultant global financial crash.
These dizzy heights didn’t last long however, and the CNY/AUD exchange rate dropped significantly over the course of 2009.
It wasn’t until late 2013 that the Yuan began to advance notably against the Australian Dollar once more but by 2016 the pairing had returned to the 0.2100+ level.
Investors with an interest in the Chinese Yuan to Australian Dollar (CNY/AUD) exchange rate should be aware that shifts in the Shanghai Stock Exchange (the main stock exchange in the People’s Republic of China) can have an influence on the currency pair, as can global risk appetite, fiscal conditions in the US and economic news from both China and Australia.
The Yuan is also known as the Renminbi (with a Yuan being the currency’s basic unit) and the term Renminbi (RMB) translates as ‘the people’s money’. One Yuan is divisible into ten mao or jiao, with each mao/jiao being worth ten fen. After years of being heavily restricted, the Yuan is becoming more transferable abroad.