A U.S. official is reporting the China (NYSE:FXI) has committed to making changes in the way their currency is valued as a part of the recent Group of 20 summit. The U.S. has been urging China to take a more “market-based” approach to valuing their currency the yuan (NYSE:CYB) for several years.
Though China has allowed some appreciation of the yuan, it is still largely undervalued. Many critics feel China has used monetary valuation as a tool to give themselves an advantage in the global market. However, the country refutes the accusation and says it’s monetary policy helps the country maintain “social stability.”
While the recent G20 summit was largely focused on the European debt crisis, Chinese monetary policy was among other topics discussed. CNN Money’s Ben Rooney wrote, “The G20 is focused on ways to rebalance the global economy by encouraging nations with large surpluses, such as China, to increase domestic consumption. At the same time, the leaders are working to strengthen economic growth in developed nations by taking steps to increase employment.”
- iShares FTSE China 25 Index Fun (NYSE:FXI): The shares recently traded at $37.72, down $0.05, or 0.13%. Its market capitalization is $. They have traded in a 52-week range of $ to $27.29%. Volume today was 5.11B shares versus a 3-month average volume of 8 shares. About the company: iShares FTSE/Xinhua China 25 Index Fund is an exchange traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield performance of the FTSE/Xinhua China 25 Index. The Fund invests 90% of its assets in the underlying index, which represents the performance of the largest companies in the China equity market. Get the most recent company news and stock data here >>
- WisdomTree Dreyfus Chinese Yuan (NYSE:CYB): The shares recently traded at $25.67, up $0.06, or 0.23%. Its market capitalization is $. They have traded in a 52-week range of $ to $0.35%. Volume today was 521.28M shares versus a 3-month average volume of N/A shares. About the company: WisdomTree Dreyfus China Yuan Fund is an actively managed exchange-traded fund incorporated in the USA. The Fund seeks to earn current income reflective of money market rates in China available to foreign investors. The Fund also seeks to provide exposure changes in the Chinese Yuan relative to the U.S. Dollar. Get the most recent company news and stock data here >>