Here's an interesting take on the Yuan/USD issue taking place at the moment. Forcing Yuan appreciation benefits nobody - http://english.cntv.cn/20111010/105352.shtml "The Senate cleared a procedural vote on Oct. 6 to advance a controversial bill, known as the Currency Exchange Rate Oversight Reform Act of 2011, which, if passed, will empower U.S. companies to impose punitive tariffs on goods imported from countries whose currencies they deem "undervalued."" "Since China began to reform its foreign exchange rate regime in 2005, the Renminbi has already appreciated more than 20 percent against the greenback. Yet the U.S. trade deficit with China is still going up and the U.S. jobless rate has remained stubbornly high. " It will be interesting to see what effect this has on Pandas. If we see an increase in the value of the Yuan, I would expect the price of Pandas to be rising too. If we see a decrease in the value of the Yuan, I imagine Pandas will maintain their current levels, with exception to the 2011s - which are closely tied to spot. I am of the opinion that the increase in the value of Yuan over the last 6 years has also been helpful in boosting the value of the Pandas.