In the midst of the global currency wars, China has stuck to its guns. While speculative hopes of rapid gains in the renminbi have dimmed, China’s policy of steady appreciation remains intact, prompting talk of a new safe haven.
“As use of the renminbi spreads globally, it could become a safe-haven currency, especially in a world where the renminbi might gain 2 or 3 per cent a year against the dollar, while the Swiss franc may yield nothing,” says Patrick Law, head of greater China trading at Barclays Capital in Hong Kong.
Within Asia, the Singapore dollar and the Japanese yen have been the traditional risk-aversion currency plays. But, for those who can access it, the renminbi could soon join them.
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