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China’s currency takes on the sheen of safe haven asset against volatility, ending third quarter with its biggest gains in 12 years

The Chinese yuan is drawing attention as a haven from volatility after its best quarter in 12 years.The onshore renminbi gained 3.8 per cent in the three-month period ending September 30, the most since early 2008, while its offshore counterpart advanced more than 4 per cent.That was more than Group-of-10 currencies including traditional 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…

Read the original article at South China Morning Post

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