The USDT/CNY rate reflects the USD/CNY exchange rate. China's managed float means the People's Bank of China (PBOC) sets a daily reference rate, so USDT/CNY moves within a tightly controlled band around the official fixing.
Live USDT/CNY rate tracking the offshore USD/CNH cross. The rate is influenced by PBOC policy, trade balances, and capital flow controls between mainland and offshore markets.
USDT / CNY CoinGecko
¥6.88+0.00%Now
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Tax · China
Tax on USDT/CNY Movements
China banned all cryptocurrency trading and mining in September 2021. There is no formal tax framework for crypto disposals — the USDT/CNY rate shown is a reference rate only.
Trading Banned — No Taxable Gain Scenario
Cryptocurrency trading has been banned in mainland China since September 2021. All domestic exchanges were shut down and financial institutions are prohibited from facilitating crypto transactions. While individuals may still hold cryptocurrency, there is no legal avenue to realise gains through regulated trading within China.
Trading Banned — No Deductible Loss Scenario
Because crypto trading is prohibited, there is no formal mechanism to claim a tax deduction for losses on USDT or any other cryptocurrency. Individuals who incur losses through offshore or peer-to-peer channels have no legal recourse under Chinese tax law, and such transactions carry significant regulatory risk.
Key Rules
The People's Bank of China (PBOC) and ten other agencies jointly banned all cryptocurrency trading, mining, and related financial services in September 2021.
There is no formal tax framework for cryptocurrency gains or losses — SAT has not issued specific crypto tax guidance since the ban.
Holding cryptocurrency is not explicitly illegal for individuals, but converting to or from CNY through any channel (P2P, OTC, offshore) carries regulatory and legal risk.
The USDT/CNY rate displayed is derived from the USD/CNH offshore exchange rate and is provided for reference purposes only — it does not represent a tradeable market in mainland China.
Tax disclaimer
Cryptocurrency trading is banned in mainland China. The information on this page is for reference only and does not constitute an invitation to trade. Consult a qualified legal advisor in China for compliance guidance. PBOC Crypto Ban Notice (2021).
FAQ
USDT/CNY Questions
Not on regulated exchanges. China banned cryptocurrency trading in September 2021. P2P platforms and OTC desks exist in grey-market channels, but they carry significant legal and counterparty risk. The USDT/CNY rate shown here is a reference rate only.
USDT is widely used for cross-border remittances and as an unofficial store of USD value. Despite the trading ban, Chinese nationals use peer-to-peer channels and offshore accounts. USDT on the Tron (TRC-20) network dominates these flows due to low fees.
CNY is the onshore yuan traded within mainland China under PBOC controls. CNH is the offshore yuan traded freely in Hong Kong, Singapore, and London. The USDT/CNY rate shown here uses the offshore (CNH) reference, which can differ from the onshore fixing.
Yes. Hong Kong operates under a separate regulatory framework from mainland China. The SFC (Securities and Futures Commission) regulates virtual asset trading platforms. Licensed Hong Kong exchanges can list USDT. HashKey Exchange is one example.
The PBOC sets a daily USD/CNY reference rate and allows the market to trade within a ±2% band. When the PBOC weakens the yuan fixing, USDT becomes more expensive in CNY terms. This managed float makes USDT/CNY less volatile than freely floating pairs like USDT/AUD.
