Renminbi/USD ETN CNY Was Up 5% Today, Revaluation Speculation?

Check out $CNY, the MarketVectors ETN for the Chinese Renminbi/US Dollar pair (Yuan/USD). Hat tip @fiateconomics, @theback9 on Twitter for pointing this out. As you know the US Government is trying to get the Chinese Government to appreciate their currency against the US Dollar to stimulate trade.
"March 22 (Bloomberg) -- People’s Bank of China Governor Zhou Xiaochuan said his government and the U.S. may engage in bilateral discussions about currency values, adding that too much political “noise” isn’t “helpful.”" [Bloomberg].

"Zhou, head of the People's Bank of China, said while U.S. policy makers are under pressure to lower unemployment, China also faces a "tremendous task to create jobs." [Reuters]"

Like Jim Rogers said in the recent BNN interview:  "(The Chinese) know that they can never be a great international economy unless their currency floats. You can't have a blocked currency and be a major player on the world stage, they know that" (Rogers interview, usd/cny chart).  So is China nearing a currency move?  Someone thinks so (unless it was a f--- up!).  Look at the crazy move in $CNY today on higher than average volume.  I don't see any options on it.

$CNY / Market Vectors - Renminibi/USD ETN (courtesy of

$CNY  - 1 Minute Chart (courtesy of