WisdomTree Chinese Yuan ETF (CYB) - NYSEARCA
  • Apr. 18, 2014, 3:39 AM
    • China's new-housing inflation weakened to an eight-month low in March, with the average price of new homes in 70 major cities moderating to +7.7% on year from +8.7% in February.
    • On month, housing inflation slipped to 0.2% from 0.3%.
    • Home prices rose on a year-on-year basis in 69 of 70 cities, as in February.
    • The softening in prices reflects the government's attempts to cool the housing sector, although it also adds to concerns about the slowdown in the wider economy.
    • "There are definitely risks in the property market of China's smaller cities," says Standard Chartered's Lan Shen. "The property market will be a big factor that presses the country's economic growth this year."
    • The Shanghai Composite is -0.15%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIE, CHIM, FCA, KFYP, TCHI, CHLC, CHNA, KBA
    | Apr. 18, 2014, 3:39 AM | 2 Comments
  • Apr. 16, 2014, 2:56 AM
    • China's GDP growth slowed to its lowest level in 18 months in Q1, moderating to 7.4% on year from 7.7% in Q4 but topping forecasts for 7.3%. The figure is below the government's target of 7.5%, although the country's leaders have indicated that the goal is flexible as they try to implement reform.
    • Falling momentum in investment and consumption, struggling real estate, and weak external demand were among the main factors that caused the slower expansion.
    • On quarter, GDP +1.4%, as expected, vs +1.8%.
    • The value of home sales fell 7.7% in Q1 to 1.1T yuan ($177B); new property construction -25% to 291M square meters (3.1B square feet).
    • Industrial production +8.8% in March +8.6% in previously and consensus of +9%.
    • Retail sales +12.2% vs +11.8% and +12.1%.
    • Urban fixed-asset investment +17.6% in Q1 vs +17.9% previously and forecasts of +18.1%.
    • MNI Business Sentiment Indicator 51.1 in March vs 50.2 in February.
    • "All the forward-looking indicators are weak - growth is going to continue to slow," says Standard Chartered's Stephen Green. "We expect a mix of moderate monetary easing over the next few months and more aggressive reform measures."
    • However, Credit Agricole economist Dariusz Kowalczyk expresses a bit of optimism. "The silver lining is that retail sales and industrial output both rebounded in March, suggesting that growth is bottoming out."
    • The Shanghai Composite is flat.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, CHXF, FXCH, CHII, ECNS, CHIM, CHIE, FCA, KFYP, TCHI, CHNA, KBA
    | Apr. 16, 2014, 2:56 AM | 1 Comment
  • Apr. 10, 2014, 2:04 AM
    • Chinese exports tumbled 6.6% on year in March, which represented an improvement from an 18.1% plunge in February, although consensus was for growth of 4%.
    • Imports slumped 11.3% after climbing 10.1% and missed expectations of +2.4%, with the decline partly due to falling commodity prices.
    • The trade balance swung to a surplus of $7.71B from a deficit of $22.98B and easily topped forecasts for a surplus of $900M.
    • Economist Hu Yifan says that "investors don't have to be worried" about the trade numbers, as the declines were partly due to artificially high export data a year earlier and the severe winter in the U.S.
    • Still, the figures follow other numbers which show that the economy is slowing, although Premier Li Keqiang ruled out more stimulus to add to measures that were announced recently. China "won’t adopt short-term and strong stimulus policies in response to temporary fluctuations in the economy," Li said. "Instead, we will focus more on healthy growth in the medium-to-long term and will make efforts to achieve sustainable and healthy development."
    • The Shanghai Composite +0.2% and the Hang Seng is +0.65%, aided by the dovish FOMC minutes yesterday.
    • ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIM, CHIE, EWHS, FCHI, KFYP, FCA, TCHI, CHLC, CHNA, FHK, KBA
    | Apr. 10, 2014, 2:04 AM | 1 Comment
  • Apr. 8, 2014, 7:57 AM
    • Alongside rallying emerging market equities is a comeback for their currencies as investors grow comfortable with the taper. Also at work is tighter monetary policy in the emerging markets - Turkey, South Africa, and Russia have all boosted rates this year, and Brazil is nearing the end of a year-long rate hike cycle.
    • "The appeal of the carry trade has returned. Emergency measures by emerging market central banks have rendered yields much higher, and hence emerging market currencies are much more attractive to hold," says SocGen's Phoenix Kalen.
    • ETFs: CYB, CNY, BZF, CEW, ICN, INR, FXCH, INCO, AYT, PGD, JEM
    | Apr. 8, 2014, 7:57 AM
  • Apr. 3, 2014, 8:25 AM
    • Current domestic economic conditions remain within a "reasonable range," says the PBOC in a statement following its quarterly policy meeting. Domestic price levels are basically steady, but the central bank notes continued slowing growth in other emerging economies.
    • ETFs: CYB, CNY, FXCH
    | Apr. 3, 2014, 8:25 AM
  • Apr. 3, 2014, 2:26 AM
    • China's State Council has unveiled another mini-stimulus package as part of an attempt to stabilize slowing growth even as the government looks to reform the economy so that it relies less on the state sector.
    • "There's a balance," says Mark Williams of Capital Economics. "The leadership wants to push ahead with reform, but it's aware that it has to maintain confidence."
    • The program includes selling 150B yuan ($24.6B) in bonds for railway construction and creating a development fund of 200-300B yuan a year for a similar purpose, improved housing for those on low incomes, and tax relief for struggling small companies.
    • The measures had already been announced but not as a package to boost GDP, while the program is a bit of a re-run of a mini-stimulus that China introduced last year to lift flagging growth.
    • The State Council didn't say whether monetary policy would be loosened - the dilemma for the government is that it's also trying to rein in soaring lending.
    • State Council statement
    • Meanwhile, China's official non-manufacturing PMI slipped to 54.5 in March from 55 in February, while the HSBC services PMI rose to 51.9 from 51.
    • The Shanghai Composite is -0.95%, while the Hang Seng is +0.2%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, FXCH, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Apr. 3, 2014, 2:26 AM | 4 Comments
  • Apr. 1, 2014, 2:02 AM
    • As expected, Chinese official manufacturing PMI, which focuses on larger state-owned enterprises, edged up to 50.3 in March from 50.2 in February. (PR)
    • The HSBC index, which gives more weight to smaller private companies, slipped to 48 (flash 48.1) from 48.5. Output and new orders contracted at faster rates, although new export orders returned to growth. Input costs and output charges fell sharply.
    • HSBC says that its reading confirms the weakness of domestic demand. "This implies that 1Q GDP growth is likely to have fallen below the annual growth target of 7.5%. We expect Beijing to fine-tune policy sooner rather than later to stabilize growth," HSBC says. (PR)
    • The Shanghai Composite is +0.5%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, FXCH, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Apr. 1, 2014, 2:02 AM | 1 Comment
  • Mar. 26, 2014, 9:16 AM
    • It's the first such tie-up for the Chinese currency outside of Asia and further internationalizes the yuan and enhances London's status as a Western hub for trading it.
    • In 2009, Beijing made Hong Kong the first offshore trading spot for the yuan and competition among global and regional hubs to be key yuan markets has been fierce ever since.
    • ETFs: CYB, CNY, FXCH
    | Mar. 26, 2014, 9:16 AM
  • Mar. 24, 2014, 2:24 AM
    • HSBC Chinese flash manufacturing PMI has indicated contraction for a fifth consecutive month, slipping to 48.1 in March from 48.5 in February and missing consensus of 48.7.
    • New orders, employment and output shrank, although new export orders grew for the first time in four months.
    • The reading adds to other data which indicate that China's economy is slowing.
    • "Weakness is broadly based with domestic demand softening further," says HSBC. "We expect Beijing to launch a series of policy measures to stabilize growth."
    • Hopes of such stimulus have helped push the Shanghai Composite up 1%, while the Hang Seng is +1.7%. (PR)
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, CHIX, TAO, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, FXCH, CHII, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Mar. 24, 2014, 2:24 AM | 6 Comments
  • Mar. 21, 2014, 4:30 AM
    | Mar. 21, 2014, 4:30 AM
  • Mar. 20, 2014, 3:23 AM
    • China's government just can't help itself. The State Council intends to accelerate construction projects and enact other measures in order to expand domestic demand and stabilize growth.
    • The plan comes amid data which suggests that the economy is softening. However, it also contrasts with noises from China's leadership that it's prepared to tolerate slower growth in order to enact reform that would shift the economy away from heavy industry and towards consumption.
    • Meanwhile, foreign money entering China plummeted to a five-month low of $21.1B in February from $72.3B in January. The plunge suggests that the government's attempts to discourage speculation on yuan appreciation by forcing the currency to fall may be enjoying initial success. The inflows of hot money can be a problem, as they can inflate asset prices.
    • The Shanghai Composite is -0.3%, while the USD-CNY is +0.4% at 6.219 yuan.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, FXCH, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Mar. 20, 2014, 3:23 AM | 7 Comments
  • Mar. 19, 2014, 4:54 AM
    • The onshore yuan is back below 6.20 to the dollar after briefly breaching the level, which Morgan Stanley has called a "danger zone."
    • That's because a sustained fall to under 6.20 could cause losses on billions of dollars of hedging products that Chinese companies have taken out as part of a bet on the renminbi's appreciation.
    • Strategist Geoff Kendrick estimates that mark-to-market losses on the products top $2B.
    • The offshore yuan, to which the derivatives are tied, is at 6.1905.
    • The onshore currency is at 6.1965 after falling to as low as 6.2026, with the movement being the first time the renminbi has deviated more than 1% from the central bank's daily midpoint after it doubled the currency's trading band to 2% from that point over the weekend. The bank set today's midpoint at 6.1351.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, CNY, DSUM, YANG, MCHI, XPP, YAO, YXI, FXCH, CHXF, FCA, TCHI, CHLC
    | Mar. 19, 2014, 4:54 AM
  • Mar. 18, 2014, 2:43 AM
    • Average new home prices in 70 major cities rose 8.2% on year in February after moderating to 9% in January, the WSJ calculates. On a monthly basis, home prices rose in 57 cities vs 62 in January. The weakening of the growth in house prices comes amid Chinese government efforts to cool the sector.
    • Meanwhile, foreign direct investment in China grew 4.1% on year to $8.6B in February, press calculations show, but growth was down sharply from 16.1% in January.
    • FDI climbed 10.4% to $19.3B in the first two months of the year, the government said.
    • The reading comes with the rider, as is the case with other economic data, that the Lunar New Year may well distorted the figures.
    • The latest data follows China unveiling a long-awaited urbanization plan to move 100M people into cities from rural areas. Farmers will be able to more easily sell or lease their land, find jobs in cities, and receive public services in urban areas.
    • The Shanghai Composite is +0.1%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, CHII, FXCH, CHXF, YXI, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Mar. 18, 2014, 2:43 AM | 1 Comment
  • Mar. 16, 2014, 2:49 AM
    | Mar. 16, 2014, 2:49 AM
  • Mar. 13, 2014, 3:17 AM
    • China's industrial production growth slowed to 8.6% on year in January and February from 9.7% previously and missed consensus of 9.5%.
    • Retail sales softened to +11.8% from +13.6% and vs +13.5%.
    • Urban fixed-asset investment +17.9% vs +19.6% and +19.4%.
    • The disappointing readings add to other data that indicate that China's economic growth is moderating, including plunging exports.
    • However, Chinese Premier Li Keqiang became the latest member of the government to indicate that the leadership is prepared to accept slower growth. "The GDP growth target (for 2014) is around 7.5%," Li said. "'Around' means there is some flexibility and we have some tolerance."
    • Li also reiterated the government's increased acceptance of bankruptcy, saying that some loan defaults are "hard to avoid." He added that the government needs to "enhance oversight" and ensure that there's no "systemic and regional risks."
    • Meanwhile, Chinese cadres will be assessed on a range of metrics, such as the environment and improving people's lives, and not just on economic growth.
    • Despite the disappointing data, the Shanghai Composite rose 0.95% amid speculation that listed firms will be permitted to offer preferred shares for the first time.
    • ETFs: FXI, PGJ, GXC, FXP, CYB, YINN, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, CHII, FXCH, CHXF, YXI, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Mar. 13, 2014, 3:17 AM | 3 Comments
  • Mar. 9, 2014, 1:32 AM
    • Chinese exports dropped 18.1% on year in February vs growth of 10.6% in January and consensus of +6.8%.
    • However, the trend may have been distorted by the Lunar New Year holiday and fake invoicing that boosted the data a year earlier, while the severe winter weather in the U.S. may also have had an effect.
    • Imports +10.1% vs +10% and +8%.
    • China swung to a trade deficit of $22.98B last month from a surplus of $31.86B in January and vs forecasts of $14.50B.
    • "We will probably have to wait for next month's data to get a true picture of the export situation, but we shouldn't worry too much," says UBS economist Wang Tao.
    • As expected, inflation eased to a 13-month low of 2% on year in February from 2.5% in January. The figure is below the government's 2014 target of 3.5%.
    • On month, CPI +0.5% vs +1% previously and consensus of +0.8%.
    • PPI declined for the 24th consecutive month, sinking 2% vs -1.6% and -1.9%. "The risk of deflation is rising in the near term," say ANZ economists Liu Li-Gang and Zhou Hao.
    • The factors that could be dragging on producer prices include weak consumer demand and the excess capacity of some raw material-industries such cement as glass and steel.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, HAO, KWEB, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, FXCH, CHII, CHXF, YXI, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | Mar. 9, 2014, 1:32 AM | 21 Comments
CYB Description
WisdomTree Chinese Yuan Fund seeks to achieve total returns reflective of both money market rates in China available to foreign investors and changes in value of the Chinese Yuan relative to the U.S. dollar.
See more details on sponsor's website
Country: China
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