COPENHAGEN - The best currency to own if China lets the yuan appreciate won't be the yuan, if history is any guide. It's everything from South Korea's won to Singapore's dollar and Indonesia's rupiah.

The won rose five times as fast as China's currency in the 12 months after officials in Beijing last relaxed the foreign-exchange regime in July 2005, data compiled by Bloomberg show.

Singapore's dollar climbed three times as much, the rupiah five times and Malaysia's ringgit increased twice as fast.