Analysts at UOB Group explained that the Chinese currency is likely to keep appreciating and become a “safe-haven currency” amid global turbulence, Xinhua News Agency reported, citing Yao Yudong, Head, Research Institute of Finance and Banking at the PBoC. Key Quotes: "Yao said the RMB “has held relatively firm against a basket of currencies and there remains no basis” for its continued depreciation. Chinese banks extended a record high of RMB2.51 trillion of new loans in January from RMB597.8 billion in December, well above market expectations, just ahead of Chinese New Year holidays which traditionally see strong demand for liquidity seasonally. On a broader scale, total social financing rose by RMB3.42 trillion in January, compared to RMB1.82 trillion in December." For more information, read our latest forex news.