New Instrument For Investing in Chinese or Indian Currency

From Index Universe.Com :

Morgan Stanley has teamed up with Van Eck Global to launch currency exchange-traded notes offering exposure to the Chinese renminbi and the Indian rupee. The Market Vectors - Chinese Renminbi/USD ETN (NYSE Arca: CNY) and Market Vectors - Indian Rupee/USD ETN (NYSE Arca: INR) are the first exchange-traded products to offer exposure to those two currencies.

These are interesting securities and Index Universe has a nice summary explanation. Up until now it has been very hard to invest in these currencies. Remember this is units of the currency per dollar so a declining number means the dollar is losing ground. Both of these countries is experiencing increased inflation and allowing their currency to rise is a partial solution to that particular problem.