China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing
Published . Updated .
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China’s central bank has moved to slow the yuan’s advance, raising foreign-exchange reserve requirements for the first time in nearly five years.
Directly affected
- GS Goldman Sachs Group
Named in this report.
Indirectly affected
- FXI iShares China Large-Cap ETF
iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”).
- CEW WisdomTree Emerging Currency Strategy Fund
WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from China.
- EMB iShares J.P. Morgan USD Emerging Markets Bond ETF
iShares J.P. Morgan USD Emerging Markets Bond ETF holds emerging-market government bonds, which react to inflation and interest-rate news like this one in China
- EMLC VanEck J.P. Morgan EM Local Currency Bond ETF
VanEck J.P. Morgan EM Local Currency Bond ETF holds emerging-market bonds in local currencies, which move with rate and currency news like this from China.
- EEM iShares MSCI Emerging Markets ETF
iShares MSCI Emerging Markets ETF is a broad fund of emerging-market stocks that includes China
- BABA Alibaba Group Holding
Alibaba Group Holding (business services) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares.
- NTES NetEase
NetEase (prepackaged software) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares.
- JD JD.com
JD.com (retail stores) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GS | +3.41% | -0.20% | base | after close | after close | after close | after close |
| FXI | -2.21% | -0.21% | base | after close | after close | after close | after close |
| CEW | +0.00% | +0.00% | base | after close | after close | after close | after close |
| EMBNo price data for this ticker | — | — | — | — | — | — | — |
| EMLCNo price data for this ticker | — | — | — | — | — | — | — |
| EEMNo price data for this ticker | — | — | — | — | — | — | — |
| BABA | +0.64% | -2.29% | base | after close | after close | after close | after close |
| NTES | -3.26% | -2.21% | base | after close | after close | after close | after close |
| JD | -5.51% | -4.53% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing The Dark Side Of The Boom
Source: The Dark Side Of The Boom
Ishares China Large-Cap Etf (FXI) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Alibaba Group Holding (BABA) | three days earlier | -2.29% | final price |
| Alibaba Group Holding (BABA) | five days earlier | +0.64% | final price |
| Wisdomtree Tr (CEW) | three days earlier | 0.00% | final price |
| Wisdomtree Tr (CEW) | five days earlier | 0.00% | final price |
| Ishares China Large-Cap Etf (FXI) | three days earlier | -0.21% | final price |
| Ishares China Large-Cap Etf (FXI) | five days earlier | -2.21% | final price |
| GS | three days earlier | -0.20% | final price |
| GS | five days earlier | +3.41% | final price |
| JD.com (JD) | three days earlier | -4.53% | final price |
| JD.com (JD) | five days earlier | -5.51% | final price |
| NetEase (NTES) | three days earlier | -2.21% | final price |
| NetEase (NTES) | five days earlier | -3.26% | final price |
Congressional trades in the stocks in this story
- Rep. Maria Elvira Salazar sold Goldman Sachs Group (GS), worth $1,001 - $15,000 on 24 Sep 2026. That is 41 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael Rulli bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 3 Sep 2026. That is 62 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Gilbert Cisneros bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 26 Aug 2026. That is 70 days before publication. Filed 10 Sep 2026. View the filing.
- Sen. Cory A Booker sold JD.com (JD) (held by a spouse), worth $1,001 - $15,000 on 11 Aug 2026. That is 85 days before publication. Filed 9 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares China Large-Cap Etf (FXI)
Companies tied to this story
- FXI Ishares China Large-Cap Etf
For “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing,” Ishares China Large-Cap Etf (FXI) is linked, with no stored direction, medium confidence. Reason on file: iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”)
- CEW Wisdomtree Tr
In “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing,” Wisdomtree Tr (CEW) is linked, with no stored direction, medium confidence. Reason on file: WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from China
- BABA Alibaba Group Holding
Alibaba Group Holding (BABA) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing.” Reason on file: Alibaba Group Holding (business services) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares
- NTES NetEase
For “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing,” NetEase (NTES) is linked, with no stored direction, medium confidence. Reason on file: NetEase (prepackaged software) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares
- JD JD.com
For “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing,” JD.com (JD) is linked, with no stored direction, medium confidence. Reason on file: JD.com (retail stores) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares
- BIDU Baidu
For “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing,” Baidu (BIDU) is linked, with no stored direction, medium confidence. Reason on file: Baidu (computer programming, data processing, etc.) is one of the largest China-based companies traded in the US, so news about China (“china”) reaches its shares
Ishares China Large-Cap Etf (FXI)
The 4 Nov 2026 story “China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing” names Ishares China Large-Cap Etf (FXI) because of this story.
Ishares China Large-Cap Etf (FXI) is on the page because iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”)
Also listed, Wisdomtree Tr (CEW): WisdomTree Emerging Currency Strategy Fund holds emerging-market currencies, which move on news like this from China
Dates in the story, and the Ishares China Large-Cap Etf (FXI) price range
BABA traded between 99.59 and 120.30 across 12 sessions. The latest close on file is 100.27. FXI traded between 32.14 and 34.36 across 20 sessions. The latest close on file is 33.21.
How strong the case is around Ishares China Large-Cap Etf (FXI)
46 out of 100
“China Taps the Brakes on the Yuan, but Goldman Sees the Rally Continuing” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.