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Thursday, May 23, 3:17 AM China PMI shrinks for the first time in seven months, dropping to 49.6 from 50.4 in April, missing expectations. HSBC, who collect the data, didn't mince words in an appeal to Beijing: "The cooling manufacturing activities in May reflected slower domestic demand and ongoing external headwinds. A sequential slowdown is likely in the middle of Q2, casting downside risk to China's fragile growth recovery. Moreover, the further signs of labor market slackness call for more policy support. Beijing still has fiscal ammunition to do so." ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF; BONDS: RMB, DSUM, CHLC, CNY, CYB, FXCH 1 Comment [Global & FX]
Friday, May 3, 4:32 AM The fact that China hasn't acted to curb strength in the yuan (CYB) is evidence of the government's confidence in the resiliency of the Chinese economy, some analysts and economists say. The yuan hit an all-time record high against the dollar Thursday and although the currency is only allowed to trade in a certain band relative to the greenback, recent manufacturing data which points to weakness in new export orders (I, II, III) makes it especially interesting that an interventionist government remains on the sidelines in terms of devaluation. Comment! [Global & FX]
Friday, April 19, 9:10 AM China's anticipated widening of the yuan bank could come wtihin the next 72 hours, say UBS analysts. If so, it would coincide with G-20 meetings next week, and come nearly one year to the day from the last widening. "(The) economy must be operating to the government's satisfaction," says UBS. CYB +1.2% YTD. Comment! [Global & FX]
Thursday, April 18, 5:31 AM The People's Bank of China intends to further widen the yuan's trading band "in the near future," PBOC Vice Governor Yi Gang has told the IMF's Spring meeting. Yi's comments have been interpreted as an attempt to avert criticism of China ahead of a G-20 meeting today and tomorrow. The yuan has climbed 0.9% vs the dollar since the start of the year, adding to a 1% gain last year. Comment! [Global & FX]
Thursday, April 11, 3:32 AM China's foreign exchange reserves climbed by $130B to $3.44T in Q1, the largest quarterly rise for almost two years. The inflow helped boost credit growth, with total new financing surging 58% on year to 6.2T ($1T). Bank loans rose 16% but those in the "shadow-banking" system, which have caused much concern, more than doubled. Comment! [Global & FX]
Monday, April 8, 3:23 AM The Australian dollar will this week become the third currency to trade directly with the yuan as China continues the internationalization of its currency. The country's central bank has granted ANZ (ANZBY.PK) and Westpac (WBK) the rights to trade in the dollar and renminbi. With China being Australia's largest trading partner and buying over 25% of its exports, the move should help cut trading costs. Comment! [Global & FX]
Tuesday, April 2, 11:43 AM The yuan's biggest move higher in 2013 overnight has the currency at its strongest level in nearly 2 decades, with the greenback buying just 6.1986 of them. An uptick in Chinese economic activity combined with a bit of softening in the U.S. might be enough to tilt capital flows just a bit more towards China. Comment! [Global & FX]
Friday, March 22, 8:54 AM The yuan neared a 19-year high of 6.2711/dollar overnight, with the punditry saying the PBOC is letting it rise on optimism about the economy's strength. In a TV appearance, Markus Rodlauer - the IMF's China mission chief - says the currency remains "moderately undervalued." Comment! [Global & FX]
Friday, March 15, 4:43 AM China further continues the internationalization of the yuan by setting up three pilot schemes that ease strict cross-border currency regulations for 13 multi-national corporations, including Caterpillar (CAT), Shell (RDS.A), Intel (INTC) and Samsung (SSNLF.PK), which estimates the scheme will save it $10M a year. 5 Comments [Global & FX, Top Stories]
Monday, January 21, 6:23 AM China intends to "push forward market-based liberalization of the interest rate" and steadily expand the use of the yuan in cross-border trading, says outgoing Premier Wen Jiabao. China will also encourage the development of private financial institutions. Comment! [Global & FX]
Friday, December 7, 2012, 12:46 PM Why do investors continue to pour money into EWJ and expose themselves to currency risk when the DBJP offers the same Japanese stock exposure, but hedged against the yen? Another of Dennis Hudachek's 10 Overlooked ETFs is the INDA, tracking the same Indian index as the INP, but with lower expenses. And don't forget IAU, basically the same exposure as GLD, but at 15 bps cheaper per year. 5 Comments
Tuesday, December 4, 2012, 12:50 PM Attempting to increase the internationalization of the won and the yuan, Seoul and Beijing form an agreement which will allow more trade between the two countries to be settled in local currency. Presumably most accounts are now settled by purchasing dollars, which then must be exchanged into either the won or yuan. Trade between the two was $220B in 2011. Comment! [Global & FX]
Wednesday, November 14, 2012, 7:01 AM Zhou Xiaochuan may be out of his job as PBOC Governor as the list of 205 members of the Communist Party central committee was broadcast today with his name left off of it. Governor since 2002, Zhou has presided over the steady (but not fast enough for many) rise in the yuan against the dollar. Comment! [Global & FX]
Tuesday, November 6, 2012, 7:30 AM Arguing the U.S. election won't impact the yuan, the PBOC's He Juanxiong says, "ultimately, it's the market that determines the yuan rate, and it is close to its equilibrium level." The PBOC's trillion dollar greenback reserves say differently, Mr. He. Romney has pledged to label China a currency manipulator his first day in office. Comment! [Global & FX]
Wednesday, October 17, 2012, 7:06 AM Their attention likely fixed on U.S. Presidential politics, China's mandarins allow the yuan to punch out another 19-year high vs. the dollar. Governor Romney made clear again last night his intention to label China a currency manipulator on Jan 21, 2013. The move would allow the president to slap tariffs on a range of Chinese goods. 2 Comments [Global & FX]
Friday, October 12, 2012, 4:41 AM The yuan hits a record high for the second day in a row, touching an intra-day peak of 6.2654 vs. the dollar in early trade. The PBOC set the yuan's midpoint at 6.3264, marginally higher than 6.3391 yesterday. "Clients' dollar sales are the key factor for the yuan to rise this week," says a dealer at a U.S. bank. Comment! [Global & FX]

FXCH CurrencyShares Chinese Renminbi Trust ETF

FXCH

CurrencyShares Chinese Renminbi Trust ETF