USD to CNY for business payments
To pay a supplier in China in yuan, a foreign business converts US dollars to Chinese yuan (CNY) and sends the payment to the supplier's company account in China, or pays in US dollars and lets the supplier keep or convert them. The cost is the market rate plus the provider's margin and a payment fee, and the right choice depends on how the supplier invoices and what its bank can receive.
- The People's Bank of China (PBOC) states that China pursues a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies.
- As summarized by PNC Bank, a Chinese company must be on the State Administration of Foreign Exchange (SAFE) list of companies with goods trade foreign exchange business, and its bank checks receipts against the contract, invoice and customs declaration.
- Offshore yuan (CNH) is the yuan traded outside mainland China, mainly in Hong Kong; it is the same currency as onshore yuan (CNY) but trades at a slightly different rate.
- The PBOC lists China's payment systems as including the high-value real-time payment system (HVPS), the bulk electronic payment system (BEPS) and the Cross-border Interbank Payment System (CIPS).
- Helm pays out to China over CNAPS as well as by international wire, and shows the fee for each route before you confirm.
The Chinese yuan at a glance
The Chinese yuan, also called the renminbi (RMB), is issued by the People's Bank of China (PBOC), China's central bank. Its currency code is CNY. The PBOC describes the regime in one sentence: China pursues a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. In plain terms, the rate moves with trading in the market, but the central bank manages how it moves, so it is neither fixed like a peg nor fully free.
Two rates matter to a foreign buyer. Onshore yuan (CNY) is traded inside mainland China. Offshore yuan (CNH) is the same currency traded outside the mainland, mainly in Hong Kong, at a rate that can differ slightly from the onshore rate. A provider that "pays in yuan" from outside China usually buys CNH and delivers it to the supplier's mainland account, where it arrives as renminbi.
| Item | Chinese yuan |
|---|---|
| Currency code | CNY onshore; CNH is the market code used offshore |
| Issuer | People's Bank of China |
| Exchange rate regime (PBOC wording) | Managed floating, based on market supply and demand, with reference to a basket of currencies |
| Foreign exchange regulator | State Administration of Foreign Exchange (SAFE) |
| Domestic payment systems (PBOC list) | HVPS, BEPS, internet banking payment system (IBPS), China foreign exchange payment system (CFXPS), and others |
| Cross-border yuan system | CIPS, the Cross-border Interbank Payment System |
Sources: PBOC, Exchange Rate Regime; PBOC, Payment and Settlement Systems, General Information; WorldFirst UK guide on buying from 1688. Checked on 29 October 2026.
Chinese exchange rules that affect your payment
China controls foreign exchange more closely than most trading partners, and the controls sit on the supplier's side of the payment. As summarized by PNC Bank, a Chinese company must be on SAFE's list of companies with goods trade foreign exchange business, and banks cannot process goods trade foreign exchange for companies that are not on it. The supplier's bank verifies each receipt using documents such as the sales contract, the invoice and the customs declaration.
For a foreign buyer this has three practical effects:
- The payer should match the contract. A payment from your own company account, quoting the contract or invoice number, matches the documents the supplier's bank holds. A payment from an agent or a third party can be held while the bank asks questions, or returned.
- The supplier must be able to receive the currency. Ask the supplier whether its account can receive yuan from abroad before you send CNY, and whether it prefers dollars.
- Stablecoins are not a route into China. In November 2025 the PBOC reaffirmed that virtual currency business activities are illegal in mainland China and warned that stablecoins carry risks including illegal cross-border transfers, as reported by The Block.
Hong Kong works differently. The Hong Kong Monetary Authority removed the RMB20,000 daily limit on converting Hong Kong dollars into renminbi for Hong Kong residents from 17 November 2014, and a Hong Kong company can hold renminbi and pay a mainland account from it. See our guide to paying Chinese suppliers from Hong Kong.
How a CNY payment reaches a supplier in China
A cross-border yuan payment travels from your provider or bank, often through an offshore clearing bank, to the supplier's bank in China, which credits the supplier's account. Once inside China, interbank yuan transfers settle on the domestic systems the PBOC lists, such as HVPS for large real-time payments. CIPS clears and settles yuan payments across borders. The domestic route for payouts to China is CNAPS, China's national interbank payment system.
Collect every detail below in writing from the supplier's proforma invoice or a letter on its letterhead, and confirm it by a phone call to a number you already hold.
| Detail | What to check |
|---|---|
| Beneficiary name | The supplier's registered company name in the form its bank holds, and the same company as the seller on the contract |
| Account number | The account that receives the currency you are sending; ask whether it accepts yuan from abroad |
| Bank name and branch | The full bank name and the branch that holds the account |
| SWIFT code | The 8 or 11 character code of the supplier's bank; check it with our SWIFT code lookup |
| Purpose and reference | Goods payment, with the contract or invoice number |
| Charges code (on a wire) | OUR, so the supplier receives the full amount |
Sources: PNC Bank summary of China's goods trade foreign exchange rules; field list compiled by the Helm Editorial Team from SWIFT practice. Checked on 29 October 2026.
Platform orders follow the platform's rules. On 1688, a buyer outside mainland China can pay in offshore yuan from a WorldFirst balance through World Pay, with a tiered service fee of at most 0.2% according to WorldFirst. Our guides to paying 1688 suppliers and paying Alibaba suppliers cover the checkout options.
What converting USD to CNY costs
Every conversion from dollars to yuan has three parts. The first is the mid-market rate, the midpoint between buying and selling prices in the market at that moment. The second is the margin, the gap between that midpoint and the rate you are actually given. The third is the payment fee for sending the money. Some providers show the margin as a separate percentage; banks often build it into the rate, so compare the yuan amount the supplier receives, not the fee alone. If you pay in CNY from outside China, the rate you are quoted is usually an offshore CNH rate, which can sit slightly away from the onshore CNY rate.
On a dollar wire there can be a fourth cost: intermediary banks may deduct charges on the way unless the wire is sent with OUR charges. On a yuan payment the supplier receives an exact yuan amount, and you carry the exchange rate risk instead of the supplier.
Helm is a financial technology company, not a bank. Its US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with customer funds held at Lead Bank. A Helm account holds dollars in your company's own name and sends international payments to suppliers by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send. Helm does not serve businesses registered in mainland China; the account is for the foreign company that pays the supplier.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Pay a Chinese supplier in USD or CNY?
Most Chinese suppliers that export invoice in US dollars, and a dollar invoice paid from a dollar balance avoids a conversion on your side. Paying in yuan can still make sense. The table sets out when each fits.
| Situation | Usually better | Why |
|---|---|---|
| Supplier invoices in USD and you hold USD | USD | No conversion on your side; the supplier converts if it needs yuan |
| Supplier offers a lower price in yuan | CNY | Compare the yuan price at your provider's all-in rate with the dollar price |
| Small supplier or marketplace order priced in yuan | CNY | The supplier may not be set up to receive dollars from abroad |
| Supplier's seller entity is in Hong Kong | USD or HKD | Pay the Hong Kong company locally; see Hong Kong |
| Contract names a different seller from the account holder | Neither until fixed | The supplier's bank matches receipts to the contract and invoice |
Sources: PNC Bank summary of SAFE rules; WorldFirst on 1688 payments. Checked on 29 October 2026.
Ask for a dollar quote and a yuan quote for the same order, convert the yuan price at your provider's all-in rate, and choose the lower total. Keep the contract, invoice, payment confirmation and shipping documents together for each order.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What exchange rate regime does China use?
The People's Bank of China states that China pursues a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. The rate moves with the market, under central bank management.
What is the difference between CNY and CNH?
CNY is the yuan traded onshore in mainland China. CNH is the same currency traded offshore, mainly in Hong Kong, at a rate that can differ slightly. A foreign provider paying in yuan usually converts at a CNH rate and delivers renminbi to the supplier's mainland account.
Can a Chinese supplier receive yuan from abroad?
Many can, but ask first. As summarized by PNC Bank, the supplier must be on SAFE's list of companies with goods trade foreign exchange business, and its bank checks each receipt against the contract, invoice and customs declaration.
What is CNAPS?
CNAPS is China's national interbank payment system, the domestic route for payouts to China. The PBOC lists the domestic systems it covers, including the high-value real-time payment system (HVPS) and the bulk electronic payment system (BEPS).
What does Helm charge to pay a supplier in China?
Helm pays out to China over CNAPS as well as by international wire, and shows the fee for each route before you confirm.
Should I pay a Chinese supplier in USD or CNY?
Pay in the invoice currency unless the supplier offers a better yuan price. Compare a dollar quote with a yuan quote converted at your provider's all-in rate, and choose the lower total.
Can I pay a Chinese supplier in USDT?
The PBOC reaffirmed in November 2025 that virtual currency business activities are illegal in mainland China, as reported by The Block. Pay by bank transfer to the supplier's company account instead.
References
- People's Bank of China: Exchange Rate Regime
- People's Bank of China: Payment and Settlement Systems, General Information
- PNC Bank: Navigating China's regulations on foreign exchange for goods trade
- WorldFirst: How to buy from 1688 (UK guide)
- WorldFirst: 1688 payment solution (help center)
- Hong Kong Monetary Authority: Removal of RMB conversion limit for Hong Kong residents (12 November 2014)
- The Block: China's central bank reaffirms crypto ban, flags stablecoin risks (29 November 2025)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.