(Bloomberg) -- Investors are scouring the market for cheap hedges against losses in China’s yuan, just as the world’s second-biggest economy prepares to return from a week-long holiday for the Lunar New Year. With implied volatility across all tenors falling to levels not seen since 2022, options have emerged as the most cost-effective vehicle for protection against a bigger-than-expected yuan depreciation.Most Read from BloombergTrump Keeps NY Empire Intact as Judge Rescinds Asset-Sale OrderSys