CNY/ZAR: what to know
The CNY/ZAR rate shows how much ZAR you get for 1 CNY. Right now, 1 CNY buys 2.4076 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 0.4153 CNY.
In the short term CNY is driven mainly by PBoC decisions and Chinese growth, while ZAR responds to commodity prices and risk appetite.
The Chinese Yuan (CNY) is issued by People’s Bank of China. One yuan = 10 jiao = 100 fen. The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered.
Over the past 12 months the CNY/ZAR rate has ranged between 2.2565 and 2.4864 — a change of -2.21% versus a year ago.
Use this mid-market figure as your benchmark: compare it with the rate your bank or broker quotes, and the difference is the margin you would pay.