I want to take some savings and put them in the chinese Yuan. What brokers offer this type of thing without killing you with interest or fees? Someone suggested using everbank.... http://www.everbank.com/001CurrencyAccess.aspx?LinkID=Body1 I really have not delved into currencies and would like to hear from the more experienced traders/investors. What would be the best way to take advantage of dollar devaluation and appreciation of the Yuan and what broker/bank would you use.... Thanks.
There's a yuan ETF: http://www.etfexpert.com/etf_expert/2008/05/currency-etfs-t.html Oanda offers a yuan pair, but you have to pay interest to be in the yuan, so that's a big drawback to me. I can't find anything at Everbank anymore that is denominated in yuans at all. I noticed a couple of months ago that they had started cutting most of their offering having anything to do with it. Where do you trade? If it's at IB, you can put your money into a different currency and still have it available as margin for trading. I find that very appealing. No yuan there, though.
everbank worldmarkets is garbage they pay you a really low interest and thats when they pay you anything at all
Interactive Brokers does not offer it. What Broker do you use? UDN is the DB US Dollar Index Bearish fund? http://finance.google.com/finance?client=ob&q=AMEX:UDN
That is very appealing. Have money in a different currency and still have it available for trading margin.
It looks like this is a good way to take advantage of the devaluing dollar. I still think the best bet would be the Yuan which is not incorporated in this index. I guess if you cant find a good way to directly invest in the Yuan, this would be the best bet......any other ideas?