In the race between the tortoise and the hare, the slow plodder has finally edged in front.
China's renminbi – never the swiftest mover in the currency market – is a standout performer this year, thanks to its small but notable gain against the resurgent U.S. dollar.
The Chinese currency has risen 1.7 percent this year and is up 3.6 percent in the past 12 months. Though the gain appears unexciting, comparisons with other emerging market currencies are much more flattering.
(Read More: Even The Resilient Yuan Is Feeling China's Pain)
Since late May when Ben Bernanke, U.S. Federal Reserve chairman, first referred to the Fed's determination to start easing asset purchases, most emerging market currencies have dropped sharply to their lowest levels in years.
Year to date, the renminbi is the only emerging market currency to rise against the dollar. And thanks to its tightly-controlled daily trading band, its appreciation has been accompanied by little of the volatility typical in other emerging market currencies, making risk-adjusted returns particularly attractive for some investors.