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EXCEL - IDEA: XBRL DOCUMENT - CURRENCYSHARES CHINESE RENMINBI TRUSTFinancial_Report.xls
10-K - FORM 10-K - CURRENCYSHARES CHINESE RENMINBI TRUSTd449326d10k.htm
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EX-3.2 - EXHIBIT 3.2 - CURRENCYSHARES CHINESE RENMINBI TRUSTd449326dex32.htm
EX-31.1 - EXHIBIT 31.1 - CURRENCYSHARES CHINESE RENMINBI TRUSTd449326dex311.htm
EX-32.2 - EXHIBIT 32.2 - CURRENCYSHARES CHINESE RENMINBI TRUSTd449326dex322.htm
EX-32.1 - EXHIBIT 32.1 - CURRENCYSHARES CHINESE RENMINBI TRUSTd449326dex321.htm
EX-31.2 - EXHIBIT 31.2 - CURRENCYSHARES CHINESE RENMINBI TRUSTd449326dex312.htm
v2.4.0.6
Redeemable Capital Shares
12 Months Ended
Oct. 31, 2012
Redeemable Capital Shares [Abstract]  
Redeemable Capital Shares
4. Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for Chinese Renminbi. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions though the book-entry facilities of DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded against retained earnings or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

Activity in redeemable capital Shares is as follows:

 

                                 
    Year ended
October 31, 2012
    August 16, 2011
[Date of Inception]
to October 31, 2011
 
    Shares     U.S. Dollar
Amount
    Shares     U.S. Dollar
Amount
 

Opening balance

    100,000     $ 7,819,874       —       $ —    

Shares issued

    50,000       3,942,390       100,001       7,773,288  

Shares redeemed

    (100,000     (7,883,359     (1     (77

Adjustment to period Shares due to currency movement and other

    —         113,768       —         46,663  
   

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

    50,000     $ 3,992,673       100,000     $ 7,819,874  
   

 

 

   

 

 

   

 

 

   

 

 

 

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee will subtract the Sponsor’s accrued fee through the previous day from the Chinese Renminbi held by the Trust (including all unpaid interest accrued, if any, through the preceding day) and calculate the value of the Chinese Renminbi in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Sponsor determines that such price is inappropriate to use as the basis for the valuation. If the Sponsor determines the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Chinese Renminbi, the Sponsor will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.