The Yuan Just Had Its Best Quarter in 12 YearsÂ
- The currency gained more than traditional refuges like the yen
- China’s success battling the virus is boosting investor demand
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The Chinese yuan is drawing attention as a haven from volatility after its best quarter in 12 years.
The onshore renminbi gained almost 4% in the three-month period ending Sept. 30, the most since early 2008, while its offshore counterpart advanced more than 4%. That exceeded traditional Group-of-10 refuges like the Swiss franc and Japanese yen, a remarkable turnaround considering the yuan’s devaluation just five years ago triggered a broad market rout.