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What is the mid-market rate of USD (US Dollar) / CNY (Chinese renminbi) on Wednesday November 4, 2020

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Get the latest mid-market rate for USD (US Dollar) / CNY (Chinese renminbi) for Wednesday November 4, 2020 right here. 

The latest rates for USD (US Dollar) / CNY (Chinese renminbi)  are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest Forex Market data to bring you live information to help you make the right forex trading decisions. 

Wednesday November 4, 2020 1 USD (US Dollar) is worth 6.660104 of CNY (Chinese renminbi) 

Remember to always trade with a reputable broker. It’s also possible to apply forex concepts to cryptocurrency trading.

Forex pairs explained

Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.

Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case USD (US Dollar) and a quote currency CNY (Chinese renminbi).

The price displayed for a currency pair represents the amount of quote currency, or CNY (Chinese renminbi) you will need to spend to purchase one unit of the base currency USD (US Dollar) In this example that means you need to spend 6.660104 of CNY (Chinese renminbi) in order to purchase 1 USD (US Dollar).

Forex pairs fall into three categories

Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies represent the most commonly traded currencies on the market. Different brokers will use different criteria, but almost all lists will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • Commodity currencies are currency pairs whose price is closely tied to commodities such as oil, iron ore, and coal. Commonly cited examples are AUD/USD and USD/CAD
  • Cross currencies are all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.

Is cryptocurrency trading the same as forex trading?

While cryptocurrency trading shares many similarities to forex trading there are some key differences. Yes both markets are volatile and have the idea of “pairs” but cryptocurrencies are broadly unregulated and fall into a larger number of categories. The crypto market is complicated and very difficult for a novice investor to navigate.

To make matters more confusing most cryptocurrency trades take place on exchanges. These are typically unregulated and come with a higher degree of risk than using a broker. Many traders opt to use a CFD broker with crypto pairings.