Renminbi: safer than the euro?

In the the past twelve months to date, the renminbi strengthened over 4% against the dollar, while against the euro, it appreciated more than 6%.

For investors looking to allocate risk between developed and developing market fixed income - where and what is the risk?

A top emerging market bond manager bought Renminbi on Monday in order to sell Venezuela's currency. This, Citywire Global was told, was part of  a 'risk-off' trade.

Further justification for the trade was that the renminbi was less volatile than the euro.

We want your call. Including all currencies except the dollar, is the renminbi a risk on or risk off trade?

Vote here: