TradeSignalos
USD/CNH - US Dollar / Offshore Chinese Yuan
Dollar against the offshore yuan, traded mainly in Hong Kong and shaped by Chinese policy.
USD/CNH shows the value of the US dollar in offshore yuan (CNH), the version of the Chinese currency traded outside mainland China. Traders use it to trade views on China's economy, Chinese monetary policy, and US-China relations. It is one of the most watched Asian currency pairs.
🕐 Active hours: Most active 01:00-09:00 UTC (Asian hours, Hong Kong); liquidity rises around 07:00-10:00 UTC London open and 12:30-16:00 UTC US data
📜 History
The yuan (renminbi) was tightly controlled by China for decades. In July 2005 China ended its fixed peg to the dollar and moved to a managed float against a basket of currencies. Hong Kong began offshore yuan deposits in 2004 and built a larger offshore market after 2010, when a formal clearing arrangement with the People's Bank of China was set up. This created the CNH rate, which trades separately from the onshore CNY rate. In August 2015 the PBOC changed how it set the daily fixing, and the yuan fell sharply, causing a market shock and heavy capital outflows. The yuan was added to the IMF's SDR basket in October 2016. During the 2018-2019 US-China trade war, USD/CNH moved above 7.0 in August 2019, a level seen as politically important.
⚙️ What moves the price
- PBOC daily fixing and signals about the yuan's direction, which strongly affect CNH
- US Federal Reserve policy, US Treasury yields, and the broad dollar index
- Chinese economic data such as GDP, PMI, trade balance, and credit growth
- US-China trade and tariff news, and tensions over technology or Taiwan
- Capital flow rules and measures from Chinese regulators, which can change demand for yuan quickly
Character
- Managed currency: the PBOC limits moves, but CNH can still shift sharply on policy surprises
- Offshore liquidity is thinner than in major pairs, so spreads widen and gaps can appear
- Often trades in a range for long periods, then breaks on news
- Moves can be linked to risk sentiment and to Asian equity and commodity markets
When to trade
- Asian session when Hong Kong and Singapore markets are open, for the deepest CNH liquidity
- Around the London and New York overlap, when US data and dollar flows add volume
- Around scheduled Chinese data releases and PBOC decisions
When not to trade
- Thin hours late in the US session or around holidays in China or Hong Kong, when spreads widen
- Right before or during major PBOC announcements or US Fed decisions, when moves can be abrupt
- Assuming CNH always follows CNY closely, since offshore and onshore rates can separate during stress
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Simulation: $10,000 deposit, $100 risk per trade. Pips — price movement; $ — result at fixed risk.
Simulated account: every trade risks $100, spread included. Past and simulated results do not guarantee future results.
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