ETFs for the Currency War

Few currencies have attracted more attention in recent weeks than China’s yuan. The People’s Bank of China’s abrupt decision earlier this month to set the currency’s daily exchange rate at more than 7 to the U.S. dollar sparked condemnation and threats of trade retaliation from Washington, as well as a drop in stock markets around the world.

Adventurous small investors who want to enter the currency skirmish but are unskilled in foreign-exchange and futures markets can instead deploy three U.S. exchange-traded funds, the most…

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