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Chinese Yuan: ETF CNYCNY is the international abbreviation for the official Chinese currency known as the yuan. CNY is also the trading symbol on US stock exchanges for an ETF known as the Market Vectors Chinese Renminbi/USD ETN.
To provide a comparative example, USD is the official ISO 4217 abbreviation for United States currency. It may help you to remember the mnemonic "United States Dollar" for USD. Another example is the abbreviation HKD which represents the "Hong Kong Dollar." Chinese yuan is also referred to as the renminbi which is commonly abbreviated as RMB. There are several currencies used by Asian nations; to avoid becoming confused about Chinese money you must realize that the yuan and the renminbi are alternative names referring to the same currency that is legal tender throughout China. When you trade or invest in foreign exchange currencies via the forex markets, CNY and RMB are the symbols that you use to refer to Chinese money. Other investment securities such as exchange traded funds and mutual funds may also use the abbreviations CNY and RMB to refer to Chinese currency-related investments. CNY ETF InvestingIf you have an investment account with a brokerage firm like E*Trade, Scottrade, Wells Fargo, Smith Barney, and Ameritrade to name a few examples, you may buy shares in corporate stocks or exchange traded funds (ETFs) that are priced and transacted in Chinese currency. There are also investment funds whose prices are tied to the value of the Chinese yuan such as the aforementioned Market Vectors Chinese Renminbi/USD ETN. This website provides information to investors about the different choices available to them for investing in the Chinese yuan via ETFs. No personal financial advice is offered via this information website. |
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