China’s Yuan Becomes Unlikely Haven as Geopolitics Roil Markets
- Offshore yuan correlation to the global volatility plummets
- PBOC intervention risk undermines yuan’s haven status: CBA
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The yuan is standing out for its resilience as global markets reel from Russia’s attack on targets across Ukraine.
While major stock markets tumbled, and currencies from the euro to the Korean won declined, the yuan is still hovering near a four-year high after Russian leader Vladimir Putin ordered an operation to demilitarize Ukraine.