Feb 25, 2022 03:29 PM

ECONOMY

Analysis: Ukraine Conflict Likely to Lead to a Stronger Yuan

A bank employee counts U.S. dollars in East China’s Jiangsu province in October 2021. Photo: VCG

A bank employee counts U.S. dollars in East China’s Jiangsu province in October 2021. Photo: VCG

The conflict between Russia and Ukraine has escalated, sending the prices of gold and oil up, and the Chinese yuan may begin to emerge as a safe haven.

Since Jan. 28, the exchange rate of the yuan against the U.S. dollar has been appreciating, approaching the 6.3 mark, erasing the depreciation caused by the Federal Reserve’s interest rate hike signal at the end of January.

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