The Chinese yuan is relatively insulated from Middle East developments due to China’s modest energy import burden, according to RBC Capital Markets’s Abbas Keshvani. He estimates net oil and gas imports at about 1.7% of GDP, while safe-haven demand for Chinese government bonds—supported by low inflation and accommodative policy—has kept yields anchored near 1.8%. RBC forecasts USD/CNY at 6.82 in 2Q, 6.80 in 3Q, and 6.78 in 4Q. The dollar was last at 6.8207 yuan, down 0.1%.