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Market Vectors Chinese Renminbi/USD ETN (CNY)

- NYSEARCA
  • Sat, Aug. 29, 8:37 AM
    • The sharp rally from Monday's panicky bottom is typical, says Felix Zulauf in a Barron's interview, and these recoveries tend to last for a few days to a few weeks, before the lows eventually get retested. Thanks to the continuing collapse of the Chinese bubble, it's Zulauf's hunch stocks will take out new lows in the next wave of selling.
    • Like Latin America in the early 1980s, Mexico in 1994, Asia in 1997, and Russia in 1998, China has a balance-of-payments issue. The currencies involved in those instances fell 40-70%. Even if the yuan only falls 30% (it's down 10% already) - with China being the world's largest exporter - the price deflation translates into declining sales, profit margins, and profits for companies across the globe.
    • "Central banks can’t solve the problem by providing more liquidity because liquidity isn’t the issue," says Zulauf. "We have plenty of liquidity; we don’t have enough borrowing capacity." What it means is lower prices, lower inflation, and lower interest rates. "The stock market will have to adjust to this new reality."
    • At the start of the year, Zulauf predicted the Fed wouldn't hike rates in 2015, and he's sticking to that view. A tightening now "will probably send the wrong signal to the market, and at the wrong time."
    • Yuan ETFs: CYB, CNY, FXCH
    • China equity ETFs: FXI, ASHR, CAF, YINN, PGJ, GXC, FXP, YANG, CHIX, CHN, PEK, MCHI, TDF, XPP, YAO, GCH, ASHS, YXI, CN, CHXF, FCA, CNXT, CHNA, KBA, JFC, AFTY, CHAU
    • Broad U.S. large-cap ETFs: CRF, VV, USA, SCHX, ZF, FEX, JKD, EEH, EQL, IWL, ERW, FWDD, ZLRG, SYE, SBUS
    | Sat, Aug. 29, 8:37 AM | 72 Comments
  • Thu, Aug. 20, 2:08 AM
    • Kazakhstan’s tenge plunged a record 23% at the start of trading today, following a surprise announcement the government would allow the currency to float freely.
    • The move continues a currency war being fought in the emerging markets.
    • Vietnam devalued its currency on Wednesday for the third time this year after a similar move in China, while Russia is allowing the ruble to track the drop in crude, which has tumbled 58% over the past year.
    • ETFs: VNM, CYB, CNY, FXCH
    | Thu, Aug. 20, 2:08 AM | Comment!
  • Wed, Aug. 19, 12:35 PM
    • The IMF delays any move on its Special Drawing Rights (SDRs) basket of currencies for nine months, thus giving Beijing more time to meet the conditions necessary to include the yuan alongside the likes of the greenback, euro, yen, and cable.
    • The IMF had previously given the thumbs up to China's move to allow the yuan to float more freely (otherwise known as a devaluation).
    • Today's decision puts off any changes in the SDR basket until October 2016.
    • ETFs: CYB, CNY, FXCH
    | Wed, Aug. 19, 12:35 PM | 1 Comment
  • Mon, Aug. 17, 3:14 AM
    | Mon, Aug. 17, 3:14 AM | 2 Comments
  • Fri, Aug. 14, 3:08 AM
    | Fri, Aug. 14, 3:08 AM | 3 Comments
  • Wed, Aug. 12, 3:36 AM
    • World stocks, Asian currencies, commodities and government bonds yields are all heading south after China allowed the yuan to fall sharply for a second day, triggering concerns over the country's economic health.
    • China set today's yuan daily midpoint reference at 6.3306, even weaker than Tuesday's devaluation, pushing the currency down 4% in the last two days.
    • Meanwhile, the IMF has offered a cautious endorsement of the new pricing regime - which lets the market play a greater role in setting the value of the currency - in a step that may help Beijing win reserve currency status for the renminbi later this year.
    • Crude futures -0.3% to $42.94/bbl; U.S. 10-year Treasury yield -8 bps to 2.06%.
    • U.S. Futures: Dow -0.6%. S&P -0.7%. Nasdaq -0.6%.
    • Europe: London -1.2%. Paris -1.5%. Frankfurt -1.8%.
    • Asia: Nikkei -1.6%; Shanghai -1%; Hang Seng -2.7%; Sensex -0.4%.
    • ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, CYB, HAO, YANG, CNY, TAO, CHIX, CHN, PEK, CHIQ, CQQQ, MCHI, TDF, QQQC, XPP, YAO, GCH, ASHS, YXI, CN, FXCH, CHXF, FCA, CNXT, CHNA, CHII, ECNS, CHIE, EWHS, CHIM, KBA, KFYP, FCHI, JFC, FHK, AFTY, CHAU
    | Wed, Aug. 12, 3:36 AM | 25 Comments
  • Tue, Aug. 11, 10:03 PM
    • China's yuan heads lower against the dollar for the second day, as the country's central bank set the yuan reference rate against the dollar only slightly above where it last traded -- sticking to its guns in letting the market sort out the currency's next move.
    • The PBC set the central parity rate at 6.3306, vs. the Tuesday market close of 6.3231, after its previous pledge to take the closing market rate into account when setting the rate.
    • In earliest going, traders were betting on further depreciation, driving the yuan as low as 6.52/dollar in offshore markets.
    • Shanghai -0.5% to 3,908.
    • ETFs: CYB, CNY, FXCH
    | Tue, Aug. 11, 10:03 PM | 7 Comments
  • Tue, Aug. 11, 4:46 AM
    • The surprise devaluation of the yuan is roiling markets across the globe as investors weigh the implications of the surprise move.
    • Exporters are dragging stocks lower, while commodities are down amid speculation the weaker currency will make imports more expensive and slow demand.
    • Although the move shook forex markets in Asia earlier, the decision is expected to add further momentum to the strong dollar, which has already been boosted this year on prospects for higher U.S. interest rates.
    • Crude futures -0.5% to $44.74/bbl; U.S. dollar index +0.4% to 97.524
    • U.S. Futures: Dow -0.3%. S&P -0.3%. Nasdaq flat.
    • Europe: London -0.5%. Paris -0.9%. Frankfurt -1.1%.
    • Asia: Nikkei -0.4%; Shanghai flat; Hang Seng -0.1%; Sensex -0.8%.
    • Previously: Weak data prompts China to devalue the yuan (Aug. 11 2015)
    • ETFs: UUP, UDN, CYB, CNY, FORX, USDU, FXCH
    | Tue, Aug. 11, 4:46 AM | 9 Comments
  • Tue, Aug. 11, 2:14 AM
    • After a run of poor economic data, including weak trade figures, China's central bank surprisingly devalued its tightly controlled currency today to help jump-start its stalling economy.
    • The PBOC set Tuesday's midpoint at 6.2298 per dollar, compared with 6.1162 on Monday, changing the way it calculates the figure to reflect market makers' quotes and the previous day's closing price.
    • Following the news, China's spot yuan fell nearly 2% to 6.3270, its biggest one-day loss in decades.
    • Shanghai +0.2% to 3,935.
    • ETFs: CYB, CNY, FXCH
    | Tue, Aug. 11, 2:14 AM | 10 Comments
  • Wed, Aug. 5, 2:54 AM
    • According to a new IMF report, more "significant work" in analyzing data is needed before deciding whether to grant the renminbi reserve currency status.
    • IMF staff members also suggested that a decision could be postponed by nine months, until September 2016.
    • Since a rejection five years ago, China has been pushing for the yuan to join a list of currencies, including the dollar, pound, euro and yen, that make up the lender's Special Drawing Rights basket.
    • ETFs: CYB, CNY, FXCH
    | Wed, Aug. 5, 2:54 AM | 2 Comments
  • Mon, Jul. 13, 2:42 AM
    • Chinese exports grew for the first time in four months in June, rising 2.8% on year after dropping 2.8% in May and easily beating expectations for a decline of 0.2%.
    • Imports slumped 6.1%, although that represented an improvement from a plunge of 18.1% previously and wasn't as bad as forecasts of -15%.
    • Still, the weak imports indicate that domestic demand remains tepid and adds to the feeling that the central bank could further loosen monetary policy.
    • China's trade surplus narrowed to $46.54B from $59.49B vs consensus of $55.7B.
    • "A return to growth for exports after three months of declines is certainly a positive," says Bloomberg economist Tom Orlik. "However, low single-digit export growth year-to-date against a background of the strengthening global economy is not particularly impressive," Orlik cautions. "With real estate construction also weak, China's main external and domestic engines of demand are both misfiring."
    • The trade figures come ahead of Wednesday's release of GDP data, which is expected to show that growth slowed to 6.8% in Q2 from 7% in Q1.
    • ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, CYB, HAO, YANG, CNY, TAO, CHIX, CHN, PEK, CHIQ, CQQQ, MCHI, DSUM, TDF, QQQC, XPP, YAO, GCH, ASHS, YXI, CN, CHXF, FXCH, FCA, CNXT, CHNA, CHII, CHIE, ECNS, EWHS, CHIM, KBA, KFYP, FCHI, JFC, CBON, FHK, AFTY, CHNB, CHAU
    | Mon, Jul. 13, 2:42 AM | 4 Comments
  • Wed, Jun. 24, 3:20 AM
    • U.S. and Chinese officials on Tuesday discussed Beijing's bid to have the yuan included in the IMF's Special Drawing Rights basket, as the latter advances its bid to make the yuan a reserve currency.
    • Last month, the IMF hinted that a promotion may happen in 2015, after saying it doesn't consider the currency undervalued.
    • According to data from SWIFT, the yuan became the second most used currency in trade finance, the fifth most popular payment currency and the sixth most used foreign exchange currency in the world in December 2014.
    • ETFs: CYB, CNY, FXCH
    | Wed, Jun. 24, 3:20 AM | 4 Comments
  • Mon, May 18, 2:50 AM
    • The average price of new homes in 70 Chinese cities dropped 0.12% on month in April, although that did represent a slowdown from -0.16% in March, the WSJ calculates using official data.
    • On year, prices declined 6.3% vs -6.1% in March.
    • Demand in major cities such as Beijing, Shanghai and Shenzhen has started to pick up, but heavy inventory in third and fourth-tier areas continue to hurt sales and prices.
    • The weak housing market has prompted China's central bank to loosen monetary policy and it cut interest rates for the third time in six months earlier this month.
    • Still, Nomura economist Zhao Yang has become optimistic about the housing sector, albeit not the wider economy.
    • "We expect home sales to see year-on-year growth in the second half of the year, and home prices in third- and fourth-tier cities to also bottom out in the second half," says Zhao.
    • "But the big impact for the overall economy is from property investment, where I don't expect a quick rebound in growth...that's why we forecast China will miss its 7% target (for 2015)."
    • The Shanghai Composite closes -0.4%.
    • ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, CYB, HAO, YANG, CNY, TAO, CHIX, CHN, PEK, CHIQ, CQQQ, MCHI, DSUM, TDF, QQQC, XPP, YAO, FNI, GCH, ASHS, YXI, CN, CHXF, FXCH, FCA, CNXT, CHNA, CHII, CHIE, ECNS, EWHS, CHIM, KBA, KFYP, FCHI, JFC, CBON, FHK, TCHI, AFTY, CHNB
    | Mon, May 18, 2:50 AM | Comment!
  • Fri, May 15, 3:18 AM
    | Fri, May 15, 3:18 AM | Comment!
  • Mon, May 4, 2:03 AM
    • Chinese shares bounced back from their earlier lows on Monday as weak China factory activity reinforced views that Beijing will roll out more stimulus measures to support its slowing economy.
    • The HSBC final Purchasing Managers' Index fell to 48.9, its fastest drop in a year, down from the preliminary reading of 49.2 and weakening from the 49.6 print in March.
    • Meanwhile, the IMF is close to declaring China's yuan as fairly valued for the first time in more than a decade, a milestone that follows years of IMF censure of Beijing's management of the currency.
    • Shanghai +0.5%; Hang Seng +0.3%
    • ETFs: FXI, ASHR, EWH, CAF, YINN, KWEB, PGJ, GXC, FXP, CYB, HAO, YANG, CNY, TAO, CHIX, PEK, CHIQ, CQQQ, MCHI, QQQC, XPP, YAO, ASHS, YXI, CN, FXCH, CHXF, FCA, CHNA, CNXT, CHII, ECNS, CHIE, EWHS, CHIM, KBA, KFYP, FCHI, FHK, AFTY
    | Mon, May 4, 2:03 AM | 4 Comments
  • Wed, Mar. 4, 7:20 PM
    | Wed, Mar. 4, 7:20 PM | 12 Comments
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CNY Description
The Market Vectors-Chinese Renminbi/USD ETN seeks to track the performance of the S&P Chinese Renminbi Total Return Index (SPCBCNY).
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Country: China
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