Offshore Chinese Renminbi (CNH) and Chinese Renminbi (CNY) payments - For information purposes only (no changes to the way CNY payments are required to be input):
BARX Corporate will provide a CNH rate for Chinese Renminbi FX transactions. CNY international payments made via Business Internet Banking or Barclays.Net will use the booked CNH FX rate.
CNY is the “ISO” currency code for Chinese renminbi. CNH is the commonly used term for Chinese renminbi which trades in Hong Kong. However, SWIFT messages can only support ISO currency codes, such that transactions settled in CNH will be stated on a SWIFT message to be CNY. CNH and CNY are not different currencies, but CNH generally trades at a different exchange rate than CNY which trades in Mainland China.
Transactions stated in any documentation to be settled in CNY or CNH will be settled in CNY (subject to the footnote below) by credit to a bank account maintained in accordance with applicable laws and regulations in Hong Kong. Transactions stated in any documentation to be linked to the performance of CNY or CNH will be linked to the performance of CNH.
IF BARCLAYS DETERMINES WHEN A CNY PAYMENT IS REQUIRED THAT CNY IS INCONVERTIBLE, NON-TRANSFERABLE OR ILLIQUID THEN SUCH CNY PAYMENT OBLIGATION WILL BE SUSPENDED UNTIL 2 HONG KONG AND BEIJING BUSINESS DAYS AFTER SUCH EVENT CEASES TO EXIST UNLESS SUCH EVENT PERSISTS FOR 14 DAYS, IN WHICH CASE SUCH OBLIGATION WILL BE SETTLED THEREAFTER AS SOON AS REASONABLY PRACTICABLE IN A DELIVERABLE CURRENCY DETERMINED BY BARCLAYS ACTING IN A COMMERCIALLY REASONABLE MANNER AT AN FX RATE(S) DETERMINED BY BARCLAYS. CNY IS NOT A FREELY CONVERTIBLE CURRENCY; IT IS SUBJECT TO EXCHANGE CONTROLS AND CERTAIN RESTRICTIONS.