ANZ and ASB, the two NZ banks we track that forecast NZD/CNY, expect the NZ dollar to be higher against the Chinese yuan by December 2027. ASB (October 2026) sees NZD/CNY at 3.80 by December 2026 and 3.90 by December 2027. ANZ (18 Sep 2026) sees 3.83 and 3.90. The ECB reference rate on 11 Nov 2026 was 3.7247.
Bank forecasts
Each row is one bank's latest published forecast, as at the date shown. Figures are end-of-period levels for one NZ dollar in yuan.
| Bank · published | Today | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 |
|---|---|---|---|---|---|---|---|---|
| ASBOctober 2026 | 3.7247 | 3.80 | 3.70 | 3.80 | 3.80 | 3.90 | 3.90 | 3.90 |
| ANZ18 Sep 2026 | 3.7247 | 3.83 | 3.80 | 3.85 | 3.84 | 3.90 | — | — |
| Spreadvs today |
Sources: ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026); ANZ NZ Latest forecasts (spreadsheet). Kiwibank to be added. ANZ's NZD/CNY figures are crosses derived from its US dollar forecasts; its spreadsheet was finalised on 18 September 2026, before the RBNZ's 28 October 2026 decision. Westpac's 19 October note gives no NZD/CNY forecast. "Today" is the ECB reference rate, 11 Nov 2026.
12 months of rates, then the bank calls
Forecast calculator
Type an amount to see it at today's mid-market rate and at each bank's published forecast. It shows what the banks expect. It isn't a quote or advice.
Rates: ECB reference rates converted to NZD, 11 Nov 2026. Forecasts: end-of-period levels from each bank's note, dated. A bank or transfer service will give you less than the mid-market rate.
The past year
On 11 Nov 2026 one NZ dollar bought 3.7247 yuan on the ECB reference rate. That is −7.4% on a year earlier (4.0237 on 11 Nov 2025) and −0.9% on a month earlier.
This is what the banks expect. It isn't advice on when to send. A bank or transfer service will quote you a rate below the mid-market rate shown here.
The other way round
For money coming into New Zealand, here are the same figures the other way up. We've inverted each bank's NZD/CNY figure (1 ÷ forecast), so these are the banks' views in our arithmetic, not separate bank forecasts.
| CNY/NZD | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 |
|---|---|---|---|---|---|
| ASBOctober 2026 | 0.263 | 0.270 | 0.263 | 0.263 | 0.256 |
| ANZ18 Sep 2026 | 0.261 | 0.263 | 0.260 | 0.260 | 0.256 |
Today: 1 CNY = 0.2685 NZD (inverted ECB reference rate, 11 Nov 2026).
The next big moment
The Reserve Bank of New Zealand reviews the Official Cash Rate (OCR) alongside its Monetary Policy Statement. OCR decisions often move the NZ dollar on the day. Source: Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar).
OCR dates and bank callsWhat drives the rate
Interest-rate gaps are among the biggest drivers of NZD/CNY. NZD/USD forecast · NZD/JPY forecast · NZD/SGD · All bank forecasts
The Chinese yuan is priced off a central parity rate that the China Foreign Exchange Trade System (CFETS) publishes each trading morning. On 11 Nov 2026 the CFETS central parity was 6.7191 yuan per US dollar and 3.7582 yuan per NZ dollar. The NZ dollar fixing averaged 3.7828 in October 2026.
China's one-year loan prime rate (LPR) was 3.00% and the five-year LPR 3.50% at the 20 Oct 2026 fixing. The LPR is a lending benchmark, not a policy rate like the OCR. New Zealand's OCR is 2.75% (since September 2026). ANZ, BNZ and Westpac forecast 3.00% by December 2026, and ASB 3.25%. Higher NZ rates relative to China's tend to support the NZ dollar.
ANZ builds its NZD/CNY figures from its forecasts for the NZ dollar and the yuan against the US dollar. ANZ sees NZD/USD at 0.58 by December 2026 and 0.60 by December 2027, and NZD/CNY at 3.83 and 3.90. NZD/CNY rises less than NZD/USD in those figures, so on our arithmetic ANZ also has the yuan firming slightly against the US dollar.
FAQ
Straight answers, with the source and date for every figure.
The banks we track expect it to. ASB (October 2026) forecasts 3.80 by December 2026 and 3.90 by December 2027, +4.7% on today. ANZ (18 Sep 2026) forecasts 3.83 by December 2026 and 3.90 by December 2027, +4.7% on today. Today is the ECB reference rate of 3.7247 on 11 Nov 2026. Bank forecasts are often wrong.
At the 11 Nov 2026 ECB mid-market rate of 3.7247, NZ$1,000 is CN¥3,725. A bank or transfer service will give you less, because it adds a margin to the mid-market rate. At the banks' December 2026 forecasts it would be CN¥3,800 (ASB) or CN¥3,830 (ANZ).
Inverting the bank figures (1 ÷ forecast), ASB's December 2026 forecast of 3.80 equals about 0.263 NZD per Chinese yuan and ANZ's December 2026 forecast of 3.83 equals about 0.261 NZD per Chinese yuan. Today's ECB reference rate is 0.2685 NZD per Chinese yuan. These figures are our arithmetic on the bank numbers, not separate bank forecasts.