Investors and economists upped bets that China’s yuan was set to rise, thanks to a short-term boost from the Middle East war and long-term trends driving a growing haven status.

Hedge funds have used options to invest in the Chinese currency, Bloomberg reported, driven by a fall in oil prices and increased appetite for risk following the announcement of a ceasefire. Investors are also using it in trade, a UBS executive told CNBC, driving its “global importance.”

ING’s China chief economist meanwhile noted that Beijing — which tightly monitors the currency’s value — looked willing to allow further strengthening; he raised his forecast for the yuan to what had previously been his bullish upper bound.