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Pairing – The amount of Chinese yen renminbi (CNY) that one can buy for every United States dollar (USD).
USD – World’s most traded currency
CNY - World’s eighth most traded currency
Economy – The US and China are the world’s two biggest market economies. This means that economic factors nationally in both countries, and internationally can have an impact on the pairing.
Two exchange rates – The renminbi is traded onshore and offshore, as the leadership in Beijing impose capital controls. Because of this, a situation arises in which the renminbi can trade at two different exchange rates, one for CMY (onshore) and one for CMH (offshore).
Limiting restrictions – There has been limited trade of this pairing due to the restrictions imposed by China, but as these are gradually scaled down, the popularity of the pairing is beginning to grow.
Economic factors – News on China’s developments economically can have quite the impact on the country’s currency, and therefore this pairing.