The CYB ETF tracks the Chinese Yuan:
These are the April 2011 24 calls:
The 24 calls are in the money by $1.50. They cost is $1.65, therefore the extra premium is only $0.15, for over 6 months of wait. That's a 0.78% rise over the current value to make them profitable. If you think the Yuan will gain over 0.78% in 6 months, these are a very good deal.
Somebody obviously does given the volume above. The 25s have actually a "large" ope interest (for CYB):
Given the curreny chaos in currencies anything can happen. Please do your due diligence. Options are dangerous and may cause 100% loss.