China Emerges as Unlikely Haven as Oil Price Shock Hits Global Markets

As the war in Iran sent oil prices soaring, one market holding up unexpectedly well is that of the world’s largest crude importer: China.

Chinese stocks have fallen less than global peers since the conflict began, the yuan has held steady against the dollar and government bond yields have barely moved. Together, this amounts to surprising resilience in a crisis that, at first glance, appeared likely to leave the country vulnerable.