CNY vs CNH - Differences between the two Chinese Yuans

China’s renminbi, commonly called the yuan, has become increasingly important in global commerce, ranking as the fourth most used currency for global settlements in 2023 and becoming Russia’s most traded currency that year. The currency has two related forms: CNY, the tightly regulated onshore yuan used in mainland China, and CNH, the more freely tradable offshore yuan used in markets such as Hong Kong, Singapore, and London. Although CNY and CNH convert to each other at a 1:1 rate, their exchange rates against other currencies can differ because CNY is managed by Chinese authorities and subject to capital controls, while CNH is influenced more by offshore market forces. Businesses paying Chinese suppliers will generally send CNY, while those receiving funds from China may receive CNH, and transactions can require documentation on fund sources and order details under Chinese foreign-exchange rules. Companies can improve cost predictability by paying in CNY, use banks or fintech providers experienced in China-related transactions, and consider CNY-denominated accounts, while Airwallex is presented as a platform offering global accounts, currency exchange, payment cards, and accounting integrations for cross-border payments.

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