(Mar 4): The end of the US-China trade war may throw up a surprise winner among Asia-Pacific currencies other than yuan: the Singapore dollar.

While traders have highlighted the Australian dollar, the Korean won or the Taiwan dollar as beneficiaries of a truce given the nations’ direct economic reliance on China, one metric shows that the Singapore dollar has the strongest link to the yuan among 12 currencies looked at by Bloomberg.

About 41% of fluctuations in the Singapore dollar in the past two years could be explained by changes in the offshore yuan, higher than 26% for Taiwan, and 22% for the Aussie, according to a correlation gauge. That’s because trade makes up an out-sized share of growth for the city state, which saw exports slid the most in more than two years in January amid the ongoing tariff tensions.

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