China exchange rates are published by the Bank of China (BOC) as a regular HTML web page including 27 currency values. Apart from other banks that have a fixed publication time, this one is updated every 5 minutes, including weekends. So, being this a continuous publication, by default foxer currency calculator takes middle rates from 7am local time of user time zone.
Users can modify the exact time of preference, but keep in mind it should result in the same day once applied time zone differentials, otherwise you would be getting exchange rates not from the same day. foxer is able to detect this error and doesn’t update under this circumstances.
The Bank of China (BOC) plugin was the first Asian/Chinese bank we developed for foxer currency calculator. It is not the official Central Bank of China, but for the moment it is the most suitable source we could find to bring China exchange rates. We continously look forward to make the most outstanding exchange rates sources available.
Historical series are not available for this Bank.
China is the most populated country in the world – 1.42 billion – the second largest economy after the USA, and the third when evaluating the European Union as a single economic area. China is the world’s largest manufacturing economy and goods exporter as well, it also has the world’s largest total banking sector assets with $27.39 trillion in total deposits.
China is the largest trading nation in the world, it plays a prominent role in international trade and has increasingly engaged in trade organizations and free trade agreements with several nations, including ASEAN, Australia, New Zealand, Switzerland and other neighbouring countries.
China has a particular fixing mechanism. People’s Bank of China‘s daily fixing for the CNY/USD exchange rate have evolved in recent years, specially since devaluation from 2016, when the authorities introduced a new framework for setting the daily fix.
Even though, there are studies that signal that daily volatility in the CNY remain quite low compared to other free floating currencies, suggesting that the fixing mechanism could be favoring China’s gobernment interests, as you can find in this article from the newyorkfed. Please, note that the source of the article is the New York Federal Reserve of the USA, just to help you keep a wide perspective about the matter.