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What is the value of USD (US Dollar) / CNY (Chinese renminbi) on Saturday August 21, 2021

Get the latest mid-market rate for USD (US Dollar) / CNY (Chinese renminbi) for Saturday August 21, 2021 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. 

Saturday August 21, 2021 1 USD (US Dollar) is worth 6.501504 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

Forex trading is risky and complicated. There are countless pairs to choose from and it’s easy for a novice trader to become overwhelmed. Information is power and Born2Invest has curated some beginners forex trading tips to help you get started.

Currency pairs are the foundation of forex trading. Whenever you purchase one currency you sell another. Every pair has a base currency, in this example USD (US Dollar) and a quote currency, or CNY (Chinese renminbi).

A currency pair represents how much quote currency, or CNY (Chinese renminbi), that needs to be spent in order to purchase one unit of USD (US Dollar), the base currency. In the current example you would need to spend 6.501504 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.

What are the most traded forex pairs in the world?

  1. EUR/USD (Euro/US Dollar)
  2. USD/JPY (US Dollar/Japanese Yen)
  3. GBP/USD (British Pound Sterling/US Dollar)
  4. AUD/USD (Australian Dollar/US Dollar)
  5. USD/CAD (US Dollar/Canadian Dollar)
  6. USD/CNY (US Dollar/Chinese Renminbi)
  7. USD/CHF (US Dollar/Swiss Franc)
  8. USD/HKD (US Dollar/Hong Kong Dollar)
  9. EUR/GBP (Euro/British Pound Sterling)
  10. USD/KRW (US Dollar/South Korean Won)

Is cryptocurrency trading the same as forex trading?

Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.

It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.