Euro emerging as haven in market rocked by yuan devaluation

New York

THE notion that the euro could be a haven in times of turmoil seemed preposterous just a few weeks ago. Yet that's exactly what it's become as the world gets rocked by everything from devaluations to bear markets in stocks.

The euro has surged more than 4 per cent against a basket of developed-nation peers in the past month, the biggest gain in the group. It's up against more of the world's major currencies than the dollar, yen, Swiss franc or pound. And it's climbing even as the European Central Bank expands the supply of euros.