Opinion: Why China’s Currency Is Becoming a Safe Haven

There are growing signs that foreign investors now treat the yuan as more of a safe-haven currency than as an emerging-market currency.

Not only has the Chinese currency appreciated around 6% against the U.S. dollar since mid-2017, the CFETS Renminbi (RMB) Index, which measures the yuan’s strength relative to a basket of currencies, has also risen by more than 4%, indicating that the yuan’s appreciation is not due to the weakening of the dollar.

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