‘Quiet-Quitting’ of US Assets Fuels Boom in Bets From EM to Gold

China’s central bank set the yuan’s daily reference rate stronger than the 7-per-dollar level for the first time in over two years, lifting Asian currencies. It’s sent a gauge of EM stocks to records with the MSCI EM Latin America Index of equities hitting its highest since April 2018, while some local currency government bonds have also hit new highs. The Greenland tussle has revived questions about US exceptionalism and the role of the dollar, spurring funds from Europe to India to diversify away from Treasuries.