The Korean won (KRW) and the Chinese renminbi (RMB) are the official currencies of South Korea and China, respectively. The exchange rate between the two currencies fluctuates constantly, influenced by a range of economic factors.
As of February 15, 2023, according to OANDA:
1 KRW = 0.005766 RMB
1 RMB = 173.441 KRW
The KRW/RMB exchange rate has experienced significant volatility over the years. The currency pair reached a historical high of 1 KRW = 0.0086 RMB in July 2008, during the height of the global financial crisis. Conversely, it recorded a historical low of 1 KRW = 0.0048 RMB in December 2016.
According to CurrencyRate.today, the long-term forecast for the KRW/RMB exchange rate suggests appreciation of the KRW over the next decade. However, it is important to note that such projections are subject to change based on unforeseen economic developments.
The KRW/RMB exchange rate is influenced by various factors, including:
Use our convenient currency converter below to convert KRW to RMB:
Input Amount | Korean Won (KRW) | Chinese Renminbi (RMB) |
---|---|---|
1,000 | 5.77 | 0.17 |
5,000 | 28.83 | 0.86 |
10,000 | 57.66 | 1.73 |
50,000 | 288.29 | 8.67 |
100,000 | 576.59 | 17.34 |
Cross-border Commerce: The KRW/RMB exchange rate is crucial for cross-border commerce between South Korea and China. It allows businesses to compare prices and make informed decisions about pricing and payment options.
Currency Hedging: Businesses and individuals can use currency hedging tools to mitigate the risk of exchange rate fluctuations. These tools allow them to lock in a specific exchange rate for future transactions.
Investment Opportunities: The exchange rate between the KRW and RMB presents investment opportunities. Investors can take advantage of favorable exchange rates to invest in assets denominated in the preferred currency.
The Korean won and the Chinese renminbi are important currencies in the global economy. Understanding the exchange rate between these two currencies is essential for businesses, investors, and individuals engaging in economic activities across borders. By staying informed about market dynamics and avoiding common mistakes, you can make the most of the available currency exchange opportunities.
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