Bank of China
The Bank of China (BOC) is one of the four biggest state-owned commercial banks in China and publishes the official Yuan Renmibi (CNY) exchange rates. This html document includes 27 currencies and is updated every 5 minutes, including weekends. So, rather to wait for a specific hour of publication, in this case 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 from a different day. foxer is able to detect this error and doesn’t update under this circumstance.
The BOC plug-in was the first Asian/Chinese bank we developed for foxer. It is not the official Central Bank of China, but for the moment it is the most suitable source we could bring until we release People’s Bank of China new one.
CNY Historical series
Historical series are not available for this Bank.
Economic relevance
China is the most populated country in the world – 1.43 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.
Bank of China country coverage map
CNY/USD Fixing
China has a particular fixing mechanism. The daily fixing of the People’s Bank of China for the CNY/USD exchange rate has evolved in recent years, especially since devaluation from 2016, when the authorities introduced a new framework for setting the daily fix.
However, there are studies that signal that daily volatility in the CNY remains quite low compared to other free floating currencies, suggesting that the fixing mechanism could be favouring China’s government 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 in the USA, just to help you keep a wide perspective about the matter.
Links
Related
Summary table
| Code | BOC |
| Base currency | CNY |
| Currencies | 27 |
| Updated | Daily |
| Publication | Same day |
| Time | 7am local time |
| Historical Series | No |
Facts and figures
- GDP Ranking#: 3 after EU / 2 after USA
- GDP: 14,723 ( USD Billion )
- Population: 1,433M
- GDP per capita is $8,405