Chinese Yuan ETFs Back In Focus

Earlier this summer, investors around the world cheered an unexpected announcement out of Beijing, when the Chinese government announced that it would allow its currency to become more flexible against the U.S. dollar. But since June 19, the date of the landmark currency decision, the Chinese yuan has moved little, and the frustration towards China that initially subsided has gradually returned. Feeling renewed pressure from the international community, China took steps late last week to prove that its stated intentions for the yuan are genuine. On Friday, following talks between the U.S. and China in Beijing, the People’s Bank of China set the yuan’s reference rate at the highest level against the dollar since the bank began publishing that number about 15 years ago. Despite the move, the yuan has moved less than 1% since the June announcement of enhanced flexibility–supposedly upward flexibility–against the greenback. “China moved to let its [...] Click here to read the original article on ETFdb.com. Related Stories: Chinese Yuan ETF In Focus After Beijing’s Surprise Announcement Which Chinese Yuan ETF Is Best To Play Currency Revision? How The Chinese Yuan ETF (CYB) Could Drive TIP