Currency Wars Defused by China as Yuan Rally Spreads Across Asia

China is helping its Asian neighbors stay out of the global currency wars.

Policy makers in the world’s biggest exporter have resisted weakening the yuan as economic growth slows, seeing exchange-rate stability as key to winning global reserve-currency status from the International Monetary Fund this year. That in turn has reduced pressure on China’s regional export rivals to keep their products competitive with weaker exchange rates, according to BlackRock Inc., the world’s largest money manager.