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Renminbi - Yuan (CNY)

Why make payments in Renminbi

Benefits for importers/exporters when paying in Chinese currency

Conditions for making payments in CNY with AKCENTA CZ

 

 

Why consider making payments in Renminbi (abbreviated as RMB or CNY)?

  • In 2011 the Chinese economy became the second largest in the world.
  • China ranks among the five largest business partners of the Czech Republic.
  • The Chinese Yuan has become the third most widely traded currency in foreign trade with China.
  • The Chinese government has begun a long-term program oriented toward the full exchangeability of the currency.
  • Long-term outlooks hold that the Chinese currency will be one of the three currencies used for worldwide currency exchange in addition to EUR and USD.
 

Benefits for importers/exporters when paying in Chinese currency

  • Discounts for trading in CNY ‐ trades executed in CNY can provide Chinese partners with attractive discounts.
  • Increased likelihood of winning contracts in the Chinese market.
  • Greater number of potential business partners who prefer to execute trades in CNY.
  • Simple completion of payments – as with USD.
  • Lower costs for payment transactions compared to banks – just as with USD.
  • Elimination of foreign exchange risk ‐ the CNY exchange rate is pegged to a basket of currencies and is more stable in the long term towards CZK than the USD exchange rate.
  • Fast payments.
 

Conditions for payments in CNY with AKCENTA CZ

Pricing:

standard fees apply to payments in CNY:

  • IPA account administration: free of charge
  • Urgent payments: pricelist – line item: urgent payment fee
  • Standard payments: pricelist – line item: other international payments

Time for processing payments:

  • Standard electronic payments: T+0 by 14:00, typically within 4 days
  • Urgent electronic payments: T+0 by 14:00, typically within 2 days

Conditions for offshore payments

(CNY outside of continental China):

  • All types of payments.
  • Recipient may be a legal entity.
  • No special documentation required.

Conditions for onshore payments

(CNY within continental China):

  • Commercial transactions.
  • Individuals and legal entities may both complete these transactions.
  • Recipient must respect local rules and regulations.

 For payments directly to China

  • In the Message for the beneficiary, enter the CNAPS (China National Advanced Payment System) code, which begins with C/N (the CNAPS code is a 12-14 digit numeric code).

    Based on CNAPS requirements, foreign payments with a missing or incorrectly entered payment purpose may be delayed or declined.

For more information call our traders at +420 498 777 777 or send us your request and we will contact you.

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Renminbi - jüan (CNY)
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Suspension of trades and transactions to Russia and Belarus

 

Dear clients,

Due to the war in Ukraine, trades and transactions with Russian and Belarusian partners / banks will not be made from March 21, 2022.

We apologize for any inconvenience.

Your AKCENTA CZ