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You are here: MacNN Forums > Community > MacNN Lounge > Buying the Chinese yuan (RMB) on the FOREX market

Buying the Chinese yuan (RMB) on the FOREX market
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Psychonaut
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Jul 21, 2005, 06:10 PM
 
Although I consider myself a somewhat savy investor, I have no experience with foreign currency exchange trading. Now that China has unpegged the Renminbi, I'm hoping to jump on a potential opportunity. Does anyone here have experience with the FOREX market? I've been checking out online FOREX trading services, but none that I've seen deal with yuan. (Only USD, CAN, CHF, AUD, NZD, EUR, GBP, and JPY) Any of you guys going to buy?
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Eug Wanker
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Jul 21, 2005, 06:59 PM
 
China has only partially unpegged the Reminbi for now. It will only float a limited amount.
     
Psychonaut  (op)
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Jul 21, 2005, 07:37 PM
 
Yeah, what does the currency basket consist of?
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Eug Wanker
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Jul 21, 2005, 08:43 PM
 
Globe and Mail:

The yuan has not decoupled completely from the dollar, but many economists predicted a move to let it trade against a basket of currencies would be the first step towards a free floating yuan. China is not expected to reveal the contents of the basket of currencies. Stewart Hall, an analyst at HSBC, said the euro, yen and U.S. dollar may make up the majority of a trade-weighted basket.
     
   
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