Yuan exchange rate (CNY)

China's economy became the world's second largest economy in 2011.
China ranks among the Czech Republic's top five trading partners.
The Chinese Yuan has become the third most traded currency in China's foreign trade.
The Chinese government has already embarked on a long-term programme to make the currency fully convertible.
In the long term, the Chinese currency will be one of the three currencies of global foreign exchange alongside the EUR and the USD.

Discounts for trading in CNY - Chinese partners can provide attractive discounts if a contract is concluded in CNY.
Increased likelihood of winning a contract in the Chinese market.
More potential trading partners preferring to do business in CNY.
Ease of payment is the same as in USD, for example.
Lower cost of payment transactions compared to banks - same as in USD.
Elimination of exchange rate risk - the CNY exchange rate is pegged to a basket of currencies and is more stable against the CZK than the USD exchange rate over the long term.
Speed of payment.

Currencies:

Payment processing time:

Conditions for payments in CNY:

Recipient can only be a legal entity authorized to receive and/or send remittances in CNY
No special documentation is required.
Commercial transactions only (all types of remittances outside China).
Both natural and legal person can pay.
Recipient must accept local rules and regulations when remitting to China.

For remittances directly to China

Include the CNAPS (China National Advanced Payment System) code beginning with C/N (CNAPS code is a 12-14 digit numeric code) in the Message to the recipient.

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