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Yuan More Like Safe-Haven Currency: Times

CHINA PRESS
MNI (Singapore)

The yuan increasingly appears as a safe-haven currency in the past two years, and it has enough room and resilience against possible spillover effects from the Federal Reserve’s expected rate hike, said the Securities Times in a front-page commentary. The yuan has maintained its strength amid the gradually rising U.S. dollar index since H2 2021, and become an alternative asset in the Russia-Ukraine crisis, the newspaper said. The increase in the proportion of yuan in global payment currencies will also provide strong support for the basic stability of yuan, as the proportion has increased to 3.2% in January to a four-year high, making it the fourth most active currency in the world, the newspaper said.

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