would it be smart to buy yuen now?

1a2b3cppp · Aug 21, 2015

Since china just devalued their currency is it decent to start buying it? What is the best way to do this?

wwatson1 · Aug 21, 2015

No I would stay away from it, its like the chf, it will go sideways for weeks

loyek590 · Aug 22, 2015

how do you do it? Long or short. I know of no way for a retail trader to buy/sell yuan

luisHK · Aug 22, 2015

loyek590 said:
how do you do it? Long or short. I know of no way for a retail trader to buy/sell yuan

You have RMB pairs with IB (check USD.CNH and EUR.CNH ), as well as rmb futures in US and Singapore at least. It's the offshore rmb, you might need to study a bit on how it follows the onshore rmb if you want to trade it.

Zr1Trader · Aug 22, 2015

Oanda is another retail platform that has usd/cnh (offshore rmb)

I'm long, I think they devalue further, but what do I know.

loyek590 · Aug 23, 2015

Zr1Trader said:
Oanda is another retail platform that has usd/cnh (offshore rmb)

I'm long, I think they devalue further, but what do I know.

View attachment 156035

what's the liquidity like? Is it actively traded during USD hours? What hedgers typically have large positions?

loyek590 · Aug 23, 2015

luisHK said:
You have RMB pairs with IB (check USD.CNH and EUR.CNH ), as well as rmb futures in US and Singapore at least. It's the offshore rmb, you might need to study a bit on how it follows the onshore rmb if you want to trade it.

ok, thanks, I have it on my screen USD.CNH, not sure what it is or how it moves, but will watch it. That's the only way to know anything. I mean really, I have no idea what it is or who I would be trading against.

loyek590 · Aug 23, 2015

I mean, what is a "yuen" other than just some currency that can be raised or lowerd at will by some old fashioned government. At least it takes the good old federal reserve months if not years to decide when they want to devalue the dollar. See the difference?