CNY vs CNH: what is the difference?
CNY is the Chinese yuan (renminbi) traded onshore in mainland China, and CNH is the same currency traded offshore, mainly in Hong Kong. It is one currency, but the two markets run under different rules and can quote slightly different rates. Example (round numbers, not a live rate): a supplier in Guangzhou invoices 710,000 yuan. An importer abroad buys offshore yuan (CNH) at 7.10 per dollar, paying 100,000 dollars, and the supplier receives 710,000 yuan in its mainland account.
- CNY and CNH are the same currency, the renminbi, traded in two separate markets: onshore in mainland China and offshore, mainly in Hong Kong.
- Onshore, the China Foreign Exchange Trade System announces CNY central parity rates on the interbank market under the authorization of the People's Bank of China.
- Hong Kong's renminbi RTGS system, upgraded in June 2007, uses Bank of China (Hong Kong) as clearing bank, which is a member of China's CNAPS payment system.
- Since 17 November 2014, banks in Hong Kong square renminbi conversions with Hong Kong residents in the offshore market, after the RMB 20,000 daily limit was removed.
- Paying a mainland supplier in yuan from abroad usually means buying CNH; the supplier is credited in CNY on the mainland.
How CNY and CNH work
Onshore (CNY). Inside mainland China the renminbi trades on the interbank foreign exchange market. Each business day the China Foreign Exchange Trade System (CFETS), under the authorization of the People's Bank of China, announces CNY central parity rates, the daily reference rates for the onshore interbank market. Mainland payments run on CNAPS, the national payment system.
Offshore (CNH). Renminbi held and traded outside the mainland is offshore yuan, and Hong Kong is its main center. Hong Kong's renminbi real-time gross settlement system, known as RMB CHATS, was upgraded in June 2007 with Bank of China (Hong Kong) as clearing bank. The clearing bank keeps a settlement account with the People's Bank of China and is a member of CNAPS, which is how offshore yuan reaches mainland accounts.
| Point | CNY (onshore) | CNH (offshore) |
|---|---|---|
| Where it trades | Mainland China interbank market | Outside the mainland, mainly Hong Kong |
| Reference rate | CNY central parity announced by CFETS for the PBOC | Quoted by banks and dealers in the offshore market |
| Payment system | CNAPS | RMB CHATS in Hong Kong, linked to CNAPS through the clearing bank |
| Who uses it | Mainland companies and banks | Companies and banks abroad paying or holding yuan |
Sources: People's Bank of China, CNY central parity announcement; HKMA, payment systems; HKMA, 12 November 2014. As published on 29 October 2026.
Where a business meets CNY and CNH
Most importers meet the distinction when a Chinese supplier asks to be paid in yuan rather than US dollars. A company outside China buys yuan offshore, so the rate it is quoted is a CNH rate, and the payment travels to the supplier's mainland account, where it is CNY. Providers label this differently: WorldFirst's UK pricing page lists CNH among its receiving currencies, while Airwallex's US pricing page lists CNY among currencies it converts.
Hong Kong residents have had easier access since 17 November 2014, when the Hong Kong Monetary Authority removed the RMB 20,000 per day conversion limit for Hong Kong residents and moved banks' squaring of those conversions to the offshore market.
Common mistakes
- Comparing the wrong rates. Compare your quote with the offshore rate if you are buying offshore yuan; the onshore rate can differ slightly.
- Assuming yuan is always cheaper. Most export invoices are in US dollars; paying in yuan adds a conversion, so compare the total in dollars.
- Mixing up a token and the currency. Tether's offshore yuan token, CNH₮, is not CNH; Tether states it will no longer be obligated to redeem CNH₮ from 20 February 2027.
- Name mismatches. Use the supplier's registered Chinese company name and account details exactly as its bank holds them.
Related terms and how Helm handles it
Mainland payments settle on CNAPS. For a step-by-step guide, see how to pay Alibaba suppliers.
Helm does not serve businesses registered in mainland China. For importers paying Chinese suppliers, Helm pays out to China over CNAPS and to Hong Kong over CHATS as well as by international wire, and shows the fee for each route before you confirm.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is CNH a different currency from CNY?
No. Both are the Chinese yuan, or renminbi. CNY refers to the onshore market in mainland China and CNH to yuan traded offshore, mainly in Hong Kong, so the two can trade at slightly different rates.
Who sets the CNY rate?
Each business day the China Foreign Exchange Trade System, authorized by the People's Bank of China, announces CNY central parity rates on the interbank market. Offshore CNH rates are quoted by banks and dealers outside the mainland.
Can I pay a Chinese supplier in CNH?
Yes, where your provider sells offshore yuan and the supplier accepts yuan. The payment reaches the supplier's mainland account through the clearing link between Hong Kong's RMB CHATS and CNAPS, and it arrives as yuan in China.
Should I pay Chinese suppliers in USD or yuan?
Ask the supplier which currency its invoice is priced in. Most export invoices are in US dollars; if the supplier offers a lower price in yuan, compare the total cost in dollars including the conversion.
References
- People's Bank of China: Announcement of CNY central parity rates (China Foreign Exchange Trade System)
- Hong Kong Monetary Authority: Payment systems (HKD, USD, euro and renminbi RTGS)
- Hong Kong Monetary Authority: Removal of RMB conversion limit for Hong Kong residents (12 November 2014)
- WorldFirst: Business pricing (UK)
- Airwallex: Pricing (US)
- Tether: Supported protocols and integration guidelines
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.