While Yuan Struggles Other China Proxies Are Beginning to Soar
- China’s underwhelming economic rebound weighs on yuan
- Won, Aussie dollar benefit from tailwinds outside of China
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China’s move to ramp up stimulus measures to boost its economy is providing little fillip for the yuan, while its proxy currencies climb up the regional leaderboard and look to extend gains.
The Korean won and Australian dollar, whose performances are closely linked to China due to strong export ties, look set to top the Asia-Pacific currency rankings this quarter. The won’s ascent is notable as it was the worst performer in the first three months of the year. China stimulus though may only being playing limited role in the two currencies’ outperformance.