The US Dollar's resurgence from the thralls of forever is pretty well known at this point. The Japanese Yen tacked on another +7% this week, making it one of the more impressive cash stories of the back half of the year. But the 2008 stability MVP in the currency market remains the Chinese Yuan (see chart below).
Given China's well publicized slowdown in economic growth this year, you have to be impressed with their currency's resilience. The new world order of economics and balance of power are changing. If you refuse to acknowledge that, your headache will not abate. China has $1.9 Trillion in currency reserves. Amongst the few kings that remain, their cash (and its valuation) seems to depend on the rest of the world, the least.