What Is The Difference Between CNY and CNH?

WallexTech -

The Chinese currency, Renminbi (RMB), has become the world’s fifth most traded currency but did you know that the renminbi is very unique as it has two different types of currencies: CNH and CNY?

To begin with, the Chinese currency can be highly confusing as many terms are used to describe it such as the renminbi and Chinese yuan. The Chinese yuan refers to the unit of currency. On the other hand, the Renminbi is translated as “the people's money” and it is the official name of the currency.

For example, the official British currency is pound sterling but its unit of currency is pounds.

The Renminbi has two types of currencies: CNH and CNY. Read on more to find out about this unique currency.


The difference between CNH and CNY

CNH is the offshore renminbi currency. This means that this currency would be circulated outside of mainland China and would be used to trade in offshore markets like Hong Kong, Singapore or the  United States. The CNH is subjected to free market forces. This means that the CNH value is determined by the FX market.

On the other hand, CNY is the onshore renminbi currency.  This means that this renminbi currency is only circulated within mainland China. With the strict capital market regulations in place, the value of the onshore renminbi currency is tightly managed and controlled by the Chinese government. Everyday, the People’s Bank of China (PBOC) would publish a reference rate that is only allowed to fluctuate within 2% each day.

You are probably be wondering, which Renminbi (RMB) currency should I use when I would like to send payments into China? When sending payment to an individual in China, you would be using the renminbi (RMB) CNY. Whereas when sending payment to a business in China, you would be using the renminbi (RMB) CNH. Although different in their use cases, the CNH and CNY can be seen as the same currency and thus have the same value with very slight difference.

Here at Wallex, we provide cross border payment solutions and are able to convert to CNH or CNY near mid-market rates. This would typically be cheaper than banks and other FX conversion providers. You would also have a dedicated account manager to take care of your FX needs.

To further simplify the process, we have curated a guide on how to send money in either CNH or CNY for you below.

Details required to send money in CNH (Business)


Beneficiary details:

  • Account Holder Name
    The name in your bank records
  • SWIFT Code
    Swift code consists of 8 or 11 characters used to identify a specific bank in an international transaction. It is used to identify banks worldwide.
  • Bank Name
  • Account Number
    6-20 characters to identify beneficiary bank account
  • CNAPS Code

The CNAPS (China National Advanced Payment System) code for the recipient bank is 12-digits long and may start with the code word C/N that identifies the recipient bank in China. This should be filled out as it would improve settlement time.

Details required to send money in CNY (Individuals)

Beneficiary  details:

  • Account Holder Name
    The name in your bank records in simplified chinese characters and 'hanyu pinyin'
  • Bank Name
  • Branch Name
  • Account Number
    6-20 characters to identify beneficiary bank accounts.

Setting up a payment in either CNH or CNY

Step 1: Open a Wallex account for free here
It is 100% free with no maintenance fees or hidden charges

Step 2: Add your beneficiaries and start transacting
Once your account is activated and you are onboarded, you can now add your beneficiary and set up your FX payment

Step 3: Track Payments
Here at Wallex, we are completely transparent and you can keep track of your CNH or CNY payment on the Wallex platform

How long does it take for my money to be transferred to China using Wallex?

For CNH, you can now send the CNH currency and expect to receive money on the same day. While for CNY, you can expect to receive the money the day after tomorrow. You can also keep track of your CNH or CNY payments on Wallex's platform. In the event of any delays, our team will keep you updated.  

To know more about Wallex and our offers to help your business, feel free to visit www.wallex.asia/ to schedule a demo.