ZAR/CNY: what to know
The ZAR/CNY rate shows how much CNY you get for 1 ZAR. Right now, 1 ZAR buys 0.4183 CNY at the mid-market rate. In the other direction, 1 CNY is worth 2.3905 ZAR.
In the short term ZAR is driven mainly by commodity prices and risk appetite, while CNY responds to PBoC decisions and Chinese growth.
The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered. The Chinese Yuan (CNY) is issued by People’s Bank of China. One yuan = 10 jiao = 100 fen.
Over the past 12 months the ZAR/CNY rate has ranged between 0.4022 and 0.4432 — a change of +2.26% 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.