The Israeli shekel is currently the world’s second-strongest currency, according to a new report by the German global banking and financial services company Deutsche Bank.

The report ranked China’s yen as the world’s strongest currency.

Deutsche Bank’s strategic foreign currency analyst Dr. Gautam Kalani reported that during the past 12 months, the shekel has appreciated 6.1 percent against the currencies of Israel’s main trading partners, such as the U.S. dollar, the British pound, the euro and the yen.

Advising investors, the experts said that the shekel is nearing “historically high levels”.