If you're looking for clues to the likely direction of emerging market Asian currencies, the strategists at Wells Fargo have a suggestion for you: think China.
"Due to strong trading ties, Chinese developments can have a significant influence on Asian emerging currencies," said Nick Bennenbroek, head of currency strategy.
That makes sense, since China accounts for so much trade with other Asian and antipodean countries. For starters, it is Australia's main trading partner, and Bennenbroek said it accounts for some 27 percent of Taiwan's exports.
But is the yuan the best indicator to watch?
Bennenbroek has looked back over time, and compared whether moves by the Japanese yen or the Chinese yuan are more closely correlated to moves in other Asian currencies. The results, he said, are clear.