16th August 2011
Money transfers from Great British Pounds to Chinese Yuan have become an increasingly popular transaction. Recent figures from RationalFX highlight that the Yuan has for several consecutive days hit record highs.
As the world’s biggest exporter and the second largest economy China is a huge competitor in the global market, which explains the large amounts of money transfers to Chinese Yuan. The Yuan has become an increasingly influential, strong and popular currency to convert English pounds to. The currency is presently at its strongest level against the dollar since 1993, with a reported rise of around 0.8 % last week.
GBP to HKD is one of the top ten strongest currency pairs at RationalFX. During the period of May 2011 to present we have observed an increase of between 3% to 5 % in the number of these money transfers being processed. We believe that this increasing demand for Hong Kong Dollars reflects the market demand for Chinese Yuan. As a result of this demand, and customer feedback we are working towards making transfers to Chinese Yuan available online.
This growing strength and international influence is clearly emphasised by Simon English who writing for the Evening Standard suggested that the currency has become “a financial safe haven”.
The Chinese Yuan or the Renminbi is the official currency and legal tender of mainland China. However, Hong Kong and Macau have their own independent currencies. The difference between Renminbi and Yuan is equivalent to the relationship between the pound and sterling; like the sterling the renminbi is the actual currency whereas the Yuan which is the equivalent to the pound is the unit. Notes are issued in 100, 50, 20, 10, 5, 2 and 1 Yuan denominations; 5, 2 and 1 Jiao; and 5, 2 and 1 fen and coins in 1 Yuan; 5, 2 and 1 Jiao; and 5, 2 and 1 fen denominations.
If you are among the growing number of people transferring money to Chinese Yuan it wise to consider various options: people regularly process transfers from Pounds to Chinese Yuan through their bank or a money sending bureau as these are convenient and accessible ways to transfer money. The relative benefits of using such services are however exceeded by the excessive costs involved, as uncompetitive exchange rates are offered, and considerable transfer fees are applied.
Choosing a foreign exchange broker such as RationalFX to transfer your money will enable you to significantly reduce the costs of transferring money to China. We strive to offer extremely competitive exchange rates with nominal fees which will result in more Chinese Yuan being sent in the transaction.
Call us today on +44 (0) 20 7220 8181 to discuss and arrange money transfers from Pounds to Chinese Yuan.