USD
CNH
What USDCNH is
USDCNH is the price of the US dollar in offshore Chinese yuan. CNH is the yuan that trades outside mainland China, mostly in Hong Kong. The US dollar is the base currency (the first in the pair) and CNH is the quote currency (the second).
The quote tells you how many yuan buy a single US dollar. If USDCNH rises, the dollar has strengthened against the offshore yuan. If it falls, the yuan has strengthened.
A pip is the standard unit used to measure price changes in a pair. Check the pip size and the number of decimal places for USDCNH in the symbol specification on your platform before you size a trade.
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Pip value per lot
Pip value is always calculated in the quote currency first. For USDCNH that currency is CNH:
- Pip value in CNH = pip size × contract size × number of lots
- Pip value in USD = pip value in CNH ÷ current USDCNH price
Because the dollar is the base currency, the USD pip value changes slightly as the price moves. If your account is in PKR or another currency, the result is converted again. The calculator above does both steps for any lot size.
USDCNH vs USDCNY
These are two prices for the same currency, quoted in two separate markets:
| USDCNY (onshore) | USDCNH (offshore) | |
|---|---|---|
| Where it trades | Mainland China | Hong Kong and other offshore centres |
| How the price is set | Trades in a band around the daily PBoC fixing | Set by supply and demand, with no fixing band |
| Access | Restricted to approved participants | Open to international participants |
The two prices usually stay close, but the gap can widen when capital flows or sentiment shift. Retail CFD brokers usually offer CNH, not CNY.
What tends to move USD/CNH
US dollar side
- Fed policy. Changes in the federal funds rate and the Fed's dot plot, which shows policymakers' projections for future rates, change expectations for US yields.
- US jobs and inflation. Nonfarm Payrolls (NFP) and CPI releases often cause sharp short-term moves.
- Treasury yields. A wider gap between US and Chinese yields tends to support the dollar against the yuan.
- Global risk appetite. In stress periods, demand for the dollar often rises.
Offshore yuan side
- PBoC daily fixing. The People's Bank of China publishes the onshore central parity each morning. A fixing that differs from market expectations is read as a policy signal and can move CNH as well.
- China growth and trade data. GDP, PMI surveys, industrial production, retail sales and trade balance figures all feed into yuan demand.
- US–China relations. Tariffs, export controls and trade negotiations can move the pair quickly, sometimes outside normal data times.
- Offshore liquidity. When offshore yuan funding becomes tight, CNH can move away from CNY.
For release times, use an economic calendar and read Fundamental analysis.
Liquidity, sessions and spreads
- Asian session. This is usually the most active period for CNH, because Hong Kong and mainland markets are open and the PBoC fixing is published.
- London and New York. Trading volume continues, and US data releases can widen ranges.
- Rollover and late US hours. Liquidity is thin, so spreads often widen.
- Chinese public holidays. Liquidity can drop, especially around long breaks such as Golden Week.
- Weekends. News over the weekend can cause a price gap at the Monday open. Stop orders may then fill at a worse price than set.
USDCNH is often classed with exotic pairs. Compared with majors such as EUR/USD, expect wider spreads and higher swaps. Swaps are overnight financing charges, explained on Swap fees. See also Majors, minors, exotics.
USDCNH at Exness: what the sourced facts say
USDCNH appears in Exness's list of instruments eligible for unlimited leverage: Forex majors and minors, DXY, USDCNH, HKDJPY, USDHKD, USDTHB; all commodities except XAUUSD247; BTCUSD, BTCUSDT, ETHUSD, ETHBTC.
- Unlimited leverage is not available by default. The stated conditions are: on real accounts: equity below 5,000 USD and at least 10 closed orders totalling 5 lots or more across real accounts.
- Higher margin requirements (HMR) apply to forex orders opened from 15 minutes before to 90 seconds after high-impact news. During these periods, forex leverage is 1:200 (0.5%).
- Lot sizes. The general minimum lot is 0.01 lot and the general maximum is 200 lots (7:00–20:59 GMT+0), 60 lots (21:00–6:59 GMT+0). Some instruments differ, so check USDCNH itself.
- Margin call and stop out by account type: Standard Cent: margin call 60%, stop out 0%; Standard: margin call 60%, stop out 0%; Pro: margin call 30%, stop out 0%; Raw Spread: margin call 30%, stop out 0%; Zero: margin call 30%, stop out 0%. Margin call is the level where you are warned; stop out is the level where positions start to be closed automatically.
Exness's sources do not give a USDCNH spread, swap or contract size. Check the current specification in the platform or in the Exness personal area. Spreads also differ by account type; see Account types.
Margin is the money set aside to keep a position open. For USDCNH, the base currency is USD, so the required margin in USD is contract size × lots ÷ leverage.
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Partner link · trading carries a high risk of loss
Risk and the Pakistani context
Leveraged forex and CFD trading can lose money fast. High leverage on a pair that gaps on policy news makes this risk larger. Read Risk management before trading.
Pakistani regulators have also addressed offshore trading. Per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). Per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. Read Law and regulators before you decide anything.
Frequent questions
What does CNH stand for?
CNH is the offshore Chinese yuan, traded outside mainland China. CNY is the onshore yuan.
Is USDCNH the same as USDCNY?
No. They price the same currency in two separate markets. CNY trades around the PBoC fixing, while CNH is set more freely offshore.
Is USDCNH available on Exness?
Exness lists USDCNH among the instruments eligible for unlimited leverage. Check the full specification in your platform.
Why is the USDCNH spread wider than EUR/USD?
The pair has less liquidity, especially outside Asian hours and around Chinese holidays.
How do I find the pip value for my lot size?
Use the pip calculator on this page. It shows the value in CNH and in your account currency.
Can I practise on USDCNH first?
A Demo account uses virtual funds. Check that USDCNH is in the symbol list of your demo account.
