AUD to CNY forecast
The Chinese Renminbi (RMB), also known as the Chinese Yuan (CNY), has depreciated over 9% against the US dollar since April. The reason? The "largest trade war in economic history" between China and the US.
So what does the extreme volatility in the RMB combined with a sustained drop in the Australian dollar mean for the AUD to RMB exchange rate? The rate is swinging between two levels: 4.75 to 5.15.
With so much global economic uncertainty between the US and China, what do the major banks think will happen to the AUD to RMB exchange rate going forward? This article presents major bank outlooks for the AUD to RMB (AUD CNY) and is updated regularly.
AUD to RMB (AUDCNY) bank forecasts trend
The US-China trade war has driven the Chinese Renminbi towards 2-year lows against the US dollar. This is because rising tariffs by the US and China would ultimately raise the prices of goods and services and reduce consumption by the two countries. Slowing down consumption or economic growth also drags currencies down.
Some experts suggest lower consumption from China will reduce demand for Australian exports, which will drag the Australian dollar lower.
A plunging CNY combined with a lesser drop in the AUD, means the AUD CNY exchange rate has jumped 5% since the US implemented tariffs on Chinese goods in May.
Check today's AUD/CNY Rate: Currency Converter and Graph
AUD to RMB (AUDCNY) bank forecasts today
ANZ expects the AUDCNY exchange rate to decline to 4.6900 by the end of 2018. This is 6% lower than the current AUDCNY rate.
The Commonwealth Bank (CBA) is the most pessimistic. They predict the AUDCNY exchange rate will fall even further to 4.5000 by the end of 2018. This is 9% lower than the current AUDCNY rate.
National Australia Bank forecast the AUD to RMB (AUDCNY) exchange rate will rise to 5.060 by the end of the year. This is about 2% higher from current levels.
Westpac tweaked their AUD to RMB (AUD CNY) forecasts, and now expect the AUDCNY to hit 5.0400 by the end of the year.
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AUD to CNY long term forecasts
The bank outlooks for the AUD to RMB (AUD CNY) exchange rate in 2019 are mostly lower. However, a couple of banks are expecting some volatility in this trend.
- ANZ bank is the most pessimistic. They forecast the AUD CNY exchange rate to gradually decline to 4.5900 by December 2019.
- CBA is expecting the AUD CNY exchange rate to fall significantly to 4.4895 by June next year, before rising at the end of the year.
- NAB predicts the AUD CNY rate will drop to 4.8400 by the end of the year, which is the highest amongst the forecasts.
- Westpac's outlook is in-between the other experts. The AUD CNY rate is expected to gradually fall to 4.7600 by June next year.
RMB to AUD (CNYAUD) forecasts
If you want to convert the AUD to RMB (AUDCNY) exchange rate into CNY AUD all you need to do is divide 1 by the rate.
For example, if the AUD to CNY exchange rate is 5.0000, then 1 Australian dollar is worth ¥5.0000 Chinese Yuan. You divide 1 by ¥5.0000 to find the CNY AUD exchange rate of 0.2000. You then multiply the rate by the amount you want to calculate. E.g. ¥100 CNY is equivalent to $20 AUD.
To save you some time, we have already calculated some of the major bank forecast exchange rates in the table below.
RMB to AUD (CNY AUD) forecast exchange rates
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