(Bloomberg) -- Add China to gold on the list of havens for investors after Russia’s assault on Ukraine, said emerging-market veteran Mark Mobius.

Emerging-market stocks plunged the most since the early days of the pandemic after President Vladimir Putin’s military moves on Thursday, while the average risk premium on developing-nation government debt surged to the highest since October 2020. 

Against that backdrop, it’s a good idea to increase China exposure, given the country is less at risk from the conflict in Europe, Mobius said in a Bloomberg TV interview. 

“China is going to be a safe haven because they’re going to continue to produce, they’re going to continue to grow, and as you know, interest rates are going down in China,” he said. China earlier refused to condemn Russia’s attack on Ukraine, instead urging restraint by “all parties.”

He also remains bullish on gold, which advanced to the highest level in more than a year on Thursday. The metal is likely to climb further still in view of the crisis, said Mobius, who set up Mobius Capital Partners after more than three decades at Franklin Templeton Investments.

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Other countries across Asia also offer potential havens since they’re similarly insulated from the conflict, with Thailand, Vietnam and Indonesia among those presenting opportunities. Even so, Mobius urged caution since the picture across markets is likely to be very mixed. 

“It’s going to be very important for people to be stock-picking and be very careful given the fact that interest rates are going up,” he said.

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