USD / CNY

## What this measures

This measures the spot exchange rate between the Chinese yuan renminbi and the US dollar, expressed as yuan per dollar.

## Why it matters

The rate affects the cost of Chinese imports, the revenue from sales into China, and the dollar value of assets or liabilities denominated in yuan. Movements signal shifts in relative monetary policy, capital flows, and trade competitiveness between the world's two largest economies.

## How to read it

A rise means the yuan weakens and the dollar buys more yuan, making Chinese goods cheaper for dollar buyers and US goods more expensive for Chinese buyers. A fall means the yuan strengthens. Compare against historical ranges to assess whether the rate is near multi-year highs or lows.

## What it does not say

The rate does not say whether the move stems from market forces or central bank intervention, nor does it capture forward rates, offshore yuan markets, or restrictions on capital flows.

## Source

The Federal Reserve Board publishes the Chinese Yuan Renminbi to U.S. Dollar Spot Exchange Rate series (DEXCHUS) daily. Palanor pulls this series from the FRED API (Federal Reserve Bank of St. Louis) nightly.