Minutes after the G20 meeting wrapped up, President Obama called out China for undervaluing the yuan. It’s interesting, then, that Chinese yuan exchange traded funds (ETFs) turned higher against the greenback before leveling off.

Obama put it flatly: the Chinese yuan is undervalued and China spends a lot of time making sure it stays that way, Michael Forsythe and Julianna Goldman for Bloomberg said. A weak yuan benefits China by making its goods cheaper for foreign buyers, but it hurts the exports of countries with strong currencies. That, in the view of many, could foster economic imbalances that endanger the global economic recovery. [China Yuan ETFs: Will China Let Its Currency Loose?]

Interestingly, though, after the remarks, the yuan moved higher against the U.S. dollar. Matt Phillips for The Wall Street Journal reports that as China wrestles with inflationary pressure, a strengthening yuan  will counteract some of that pressure. [China ETFs: An Opportunity For The Greater Good.]

The Chinese yuan ETFs moved back to roughly flat in intraday trading after the brief surge, but this is a battle that will likely be around for awhile as world leaders go back and forth. If you’d like to play the currency wars, there are two Chinese yuan funds – Market Vectors Chinese Renminbi ETN (NYSEArca: CNY) and WisdomTree Dreyfus Chinese Yuan (NYSEArca: CYB) – as well as a host of other emerging market currencies. Be sure to watch the trend lines on any currency ETFs, because back-and-forth moves might not be an unusual thing.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.