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  • As per RBI norms, the GST is applicable as per travellers.
  • This amount is calculated considering one traveller. You can further add/edit travellers in preconfirmation page which can impact the total amount.
  • You may block foreign currency by paying 2% of total transaction value. This blocked rate will be valid for 2 working days.
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    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    (ii) Tax Collection at Source (TCS) at the rate of 20% will be levied under section 206C(1G)(b) of the Income Tax Act on all other remittances not covered in (i) above without any threshold limit in a financial year under the Liberalised Remittance Scheme of the Reserve Bank of India.The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C(1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for TCS
    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    (ii) Tax Collection at Source (TCS) at the rate of 20% will be levied under section 206C(1G)(b) of the Income Tax Act on all other remittances not covered in (i) above, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C (1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
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Chinese Yuan (CNY) - Currency of China

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Buy, Sell or Transfer Chinese Yuan (CNY) in India at the best exchange rates

About Chinese Yuan (CNY)

The Chinese Yuan is the official currency of People’s Republic of China. ‘Renminbi’ is the official term used to refer the China’s currency and it literally translates to ‘the People’s Currency’. The Yuan currency code is CNY and is represented using the symbol ¥. The word Yuan mean ‘round’. 10 Fen make 1 Jiao and 10 Jiao make 1 Yuan.

Everything You Need To Know About The China Currency:

    1. China currency is the 5th most traded currency in the world and recently has been added to the basket of currencies used by the IMF.
    2. The most often used coins are ¥1, 1 JIAO, 5 JIAO, 1 FEN, 2 FEN, and 5 FEN.
    3. The most frequently used banknotes are ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, ¥100, 1 JIAO, 2 JIAO, and 5 JIAO

Chinese Yuan - History of Chinese Yuan

China is one of the fastest growing economies of the world and can be seen in different areas of the world economy. Its official currency, Renminbi (RMB), is also known as the Chinese Yuan (CNY) and has a symbol ¥. China has been using the official currency RMB since 1949. It was first issued by the People's Bank of China. As of now, Renminbi holds a position in the list of reserve currencies of the International Monetary Fund (IMF). In 2015, the IMF made this announcement and along with Yen, Euro, US Dollar, and Pound Sterling, Renminbi is also a reverse currency. The Chinese Yuan is pegged to the US dollar at a daily reference rate and has an exchange rate of 6.8 Chinese = 1 US Dollar or 1 Chinese Yuan = 0.145 US Dollar

Check the table below for quick insight into the history of Chinese the Yuan:
Particulars Details
Beginning of Chinese the Yuan 1948
First issued by People's Bank of China
Pegging Pegged to US Dollar at the daily reference rate of People's Bank of China
Exchange rate $1 = ¥6.8
The Central Bank of China People's Bank of China (PBOC)
Denominations Banknotes: 1, 2, 5, 10, 20, 50, and 100 Yuan Coins: 1, 2, and 5 Fen

The literal meaning of the word 'Renminbi' is 'people's money'. The term was introduced by the Communist Party of China in 1949. The central bank of China, People's Bank of China (PBOC) is headquartered in Beijing and is exclusively responsible for managing and administering the currency of the country including both banknotes and coins. The obverse side of the banknotes and coins has images and illustrations of importance. Some have the charismatic images of Mao Zedong, the Communist Party leader and the historic personality of China. Others include the beautiful historical buildings, landscapes, and traditional attire of the country.

China manages currency banknotes and coins of diverse denominations. 1 Yuan equals 10 jiaos and 1 Jiao equals 10 fens. The banknote denominations include 1, 2, 5, 10, 20, 50, and 100 Yuan and also have 1, 2, and 5 jiao. The pegging of the Yuan to the US Dollar was loosened in 2005 and Yuan was allowed to appreciate. In short, the Yuan is fixed at a base rate against the US Dollar and is yet allowed to appreciate as well. The devaluing of the Yuan has helped Chinese goods become more affordable globally and thus, also helped it become one of the reserve currencies of the IMF.

Factors Affecting the Exchange Rate of the Chinese Yuan

Since Yuan is loosely pegged to the US Dollar, there are various factors that impact the exchange rate of the Yuan. It is fixed on a daily basis at the reference rate suggested by the PBOC. Let's see what impacts the exchange rate of the Yuan:

1. Exports from China:

Chinese products are popular across the globe and exports from China yield a good amount of profit for the country. It helps in maintaining a good exchange reserve for China thus resulting in a good exchange rate for Yuan against the US Dollar. Also, the USA is one of the largest export markets of China which has also strengthened China-US relations resulting in China's entry into the World Trade Organisation in 2001.

2. Pegging of Yuan:

China, unlike many countries, does not have a floating exchange rate. It sets its exchange rate on a daily basis as per the daily reference rate recommendations by PBOC. China has pegged the Yuan to the US Dollar. By 2005, the pegging has been loosened and Yuan has been allowed to appreciate against the Dollar. It has helped Chinese goods become more affordable in the international market thus appreciating the exports from China to the rest of the trade partner countries globally.

3. Others:

Other than the exports and pegging of the Yuan, certain other factors also impact the rate of the Yuan in the international market. The inflation rate, fuel price, interest rates globally and of PBOC, foreign reserves of the country, and commodity prices in the international market also affect the rate of the Yuan. China has a good amount of foreign reserves and has also been enlisted as a reserve currency by the IMF. All these are the reasons why Yuan stands in a better position in the global markets today.

Both Yuan and Renminbi are the names of Chinese currencies and you may use them interchangeably. However, Yuan is generally used to refer to the price value of a product (A mobile phone costs ¥ 2,000) and Renminbi is used to refer to the currency in general.

Quick Facts About Chinese Yuan (CNY)

Currency Name Chinese Yuan Remnibi
Short Name CNY
Nicknames kuài, máo
Symbol (s) ¥
Unit yuán 1/10, jiao, 1/100 fen
Frequently Used Coins ¥1, 1 jiao, 5 jiao
Rarely Used Coins 1 fen, 2 fen, 5 fen
Frequently Used Bank Notes ¥1, ¥5, ¥10, ¥20, ¥50, ¥100, 1 jiao, 5 jiao
Rarely Used Bank Notes ¥2, 2 jiao
Central Bank, Name & Website People’s Baank of China | www.pbc.gov.cn
Territories that unofficially use the Chinese Yuan Remnibi as a part of their legal NA

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The Chinese Yuan Currency

The official currency of China is in the subdivision of 10 jiao, or 100 fen(?. In the major sections of the Mandarin Chinese speaking regions, the currency is often referred to as kuai and not yuan. Similarly, in the Cantonese Chinese speaking regions the kuai, jiaoand fen are often referred to as man, hòuh, and sin. Currently the bank notes that are under circulation, are in the denominations of jiao 1, 5, yuan 1, 5, 10, 20, 50, 100. Similarly, for the coins the current circulation is in the denominations of fen 1, 2 and 5.

How to buy forex in India?
Thomas Cook provides the best currency rates in India and empowers you to buy forex at the touch of a button. To buy forex online, visit the Thomas Cook website, choose the desired currency, enter the required details, and within 24 hours our experts will deliver your currency at your doorstep. If you wish, you can visit the nearest Thomas Cook branch and our forex experts will be there to assist you, ensuring a smooth and effortless transaction.

What is today’s 1 INR to cny rate?
To know the on-going China exchange rate, simply use our online free money exchange currency converter tool. It is equipped to provide you with the live exchange rates of over 26 currencies worldwide.

Currency Rate Today

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Frequently Asked Questions

Are Chinese Yuan and Remnibi two different currency units?
No. Both are same. Remnibi is the currency of China and Yuan is the unit. In fact, the currency of China is often referred to as Chinese Yuan Remnibi.
Is the Chinese currency stronger than Indian rupee?
Yes, it is stronger than the Indian currency. To check the exact currency exchange rate between the two currencies, please log on to our website.
Are currency notes the best option to carry for travelling?
Currency notes may not be the best however, one of the great ways of carrying currency while you are travelling. These are especially handy to take care of all your petty expenses while you are on your trip. We facilitate most of the global currencies to cater to all your travel needs. Our experts will guide you with all the necessary proceedings, and we will provide you with absolutely authentic notes to ensure you travel safe and secure without facing any unwanted hassles.
How long does it take to exchange foreign currencies?
It is a standard process with a set of mandates that need to be followed. The process involves attributes like conducting verification of the submitted document which might take just a few days before we contact the client that process is now complete. To get more clarity on the amount of time required, you connect with one of our exerts, and they will guide you on the stipulated turnaround time post the understanding of your requisition.
Can I pay for my Foreign Currency in Indian Rupee in cash?
Foreign exchange for your personal/business foreign trip can be purchased from Thomas Cook against rupee payment in cash only up to Rs. 50,000/-. However, if the Rupee equivalent exceeds Rs. 50,000/-, the entire payment should be made by way of a crossed cheque/ banker’s cheque/ pay order/ demand draft/ debit card / credit card / prepaid card only. Please note that providing a PAN Card is mandatory for payments above INR 25,000.

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