Make payments and receive payments in CNY - Chinese Yuan
Pay in Chinese Yuan (CNY)
Mondial Change allows you to make international payments in CNY (Chinese Yuan) with ease. Manage your Chinese Yuan beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your CNY operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive payments in Chinese Yuan (CNY)
Mondial Change allows you to receive payments in CNY (Chinese Yuan). Payments in CNY are received in an account in your name with a dedicated IBAN. This CNY account with a nominative IBAN is provided to you free of charge. It allows you to receive payments in CNY from your clients or subsidiaries and also to hold Chinese Yuan. The CNY can be reused to make payments in CNY. The CNY can also be converted into EUR or any other currency of your choice and repatriated to your bank account. The Chinese Yuan (CNY) account can be located in France or other countries (see possible locations).
Do you want to hedge your exchange risk on the Chinese Yuan (CNY)? Check our dedicated page for CNY currency hedging.
Mondial Change answers all your questions about payments in Chinese Yuan (CNY)
What is the timeframe for a CNY payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Chinese Yuan transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if CNY payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Chinese Yuan (CNY)?
The fees applied to transfers in Chinese Yuan (CNY) generally range from 0 to 10 euros depending on the agreement made with the Mondial Change trading room. The rate mainly depends on your annual CNY exchange volume and the number of Chinese Yuan payments made during the year.
Are there minimum or maximum amounts for payments in Chinese Yuan (CNY)?
Mondial Change and its partners verify that your Chinese Yuan flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Chinese Yuan (CNY)?
For CNY payments via the SWIFT network, simply provide the following information:
• Full name of the beneficiary
• Account number
• SWIFT/BIC code
• Reason for payment
Is it possible to modify a payment in Chinese Yuan (CNY) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Chinese Yuan (CNY) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Chinese Yuan (CNY) account provided to you a bank account and is it nominative?
The Chinese Yuan (CNY) account for which we provide you with the details is not a bank account per se because the account holder is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN attached to the account is unique. You thus have a guarantee of segregation of your funds in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please consult the page related to opening a Chinese Yuan (CNY) account for more information.
Is it possible to hold Chinese Yuan (CNY) in the CNY account provided to you?
You can use this Chinese Yuan (CNY) account to receive or store Chinese Yuan. The funds can then be reused to issue payments in Chinese Yuan or be converted into other currencies. The account is also compatible for receiving CNY payments from e-commerce platforms like Amazon or payment systems like Adyen or Stripe.
What are the holidays when payments in Chinese Yuan (CNY) cannot be executed?
January 1st: New Year's Day (元旦 – Yuándàn)
Variable date (January/February): Chinese New Year / Spring Festival (春节 – Chūnjié)
Variable date: Tomb-Sweeping Day – Qingming (清明节)
May 1st: Labor Day (劳动节 – Láodòng Jié)
Variable date (June): Dragon Boat Festival (端午节 – Duānwǔ Jié)
Variable date (September/October): Mid-Autumn Festival (中秋节 – Zhōngqiū Jié)
October 1st: National Day (国庆节 – Guóqìng Jié)
History of the Chinese Yuan
The Chinese Yuan, also known as CNY (Renminbi), is the official currency of the People's Republic of China. As one of the world's major currencies, the Chinese Yuan plays a crucial role in the global economy and international trade. It is issued by the People's Bank of China, the country's central financial institution. Since its reform in 1994, the Yuan has experienced significant growth, becoming increasingly used in international transactions. China's economic stability and its position as the world's second-largest economy make it a currency of interest for investors and travelers. Thus, understanding the key aspects of the Chinese Yuan, such as its value, exchange rates, monetary policies, and implications on the global market, is essential for anyone looking to learn about this dynamic currency.
Monetary Policy of the Chinese Yuan
The monetary policy of the Chinese Yuan is primarily determined and implemented by the People's Bank of China (PBOC), the country's central financial institution. Its main objective is to maintain price stability, promote sustainable economic growth, and ensure financial stability. To achieve this, the PBOC uses various tools such as interest rates, banks' reserve requirements, and open market operations. It also adjusts the value of the Yuan against other currencies through interventions in the foreign exchange market, to promote the competitiveness of Chinese exports and maintain a favorable trade balance. Additionally, the PBOC closely monitors economic indicators such as inflation, economic growth, and financial risks, to adapt its monetary policy accordingly.
Distinctive Features of the Chinese Yuan
The Chinese Yuan has several distinctive features. Firstly, it is issued by the People's Bank of China, the country's central financial institution, granting it official status as the national currency. Moreover, the Yuan is also known as Renminbi (RMB), which means "people's currency" in Chinese. Furthermore, the Chinese Yuan operates under a controlled exchange regime, which means that the People's Bank of China regularly intervenes in the foreign exchange market to adjust its value relative to other currencies. This intervention aims to maintain a favorable trade balance and enhance the competitiveness of Chinese exports. Finally, there is a growing use of the Yuan in international transactions, reflecting China's economic rise and its increasing role in the global economy.