Inflation continues to surge in China as a report showed consumer prices jumped 5.3% in April, putting exchange traded funds that track its currency, the yuan, in focus Wednesday.
U.S. officials will put pressure on China to let the yuan rise more quickly as Beijing may take additional steps to fight inflation, The Wall Street Journal reported earlier this week. In nominal terms, the yuan has risen about 5% against the dollar since June, according to the report.
HSBC has ranked the currency as one of the top five in the world.
Currency ETFs such as WisdomTree Dreyfus Chinese Yuan (NYSEArca: CYB) are gaining steam. The currency has outranked the British pound and is one of the three contenders for the international trade settlement currencies in the latter half of this year, says Caixin for CNBC.[2 Ways To Play China With ETFs.]