China was ready for an oil crisis

China's readiness for an energy shock has helped its financial markets to turn in a world-beating month and has global investors looking to boost their exposure as the Iran war drags on.



Oil stockpiles and resilient energy supply chains have been behind the performance in stocks, bonds and the yuan and money managers and dealers say it is starting to drive a positive view about the economy and buying tech and consumer companies.



Since the U.S. and Israel's war on Iran all but stopped the movement of oil and gas from the Persian Gulf late in February, soaring oil prices have upended global markets.



Over that period, China's benchmark CSI300 equity index has fallen about 4.6%, compared with losses deeper than 10% in India , Japan and South Korea and an almost 8% decline for the S&P 500.



The yuan is the steadiest in Asia against the dollar - remaining flat through March - and China's debt market is without peer, holding firm as other credit markets have sunk.