(BLOOMBERG) - China's rising renminbi has given equity investors a touchstone in their search for potential winners and losers. Benchmark stock indexes in Hong Kong and the mainland have been buoyed by the renminbi's recent strength, as capital chases assets denominated in a strengthening currency. The correlation between China's benchmark CSI 300 Index and the onshore renminbi's strength is near the highest in seven months, while the Hang Seng Index is also most linked to the currency's movements since February, data compiled by Bloomberg shows. But not every share is a beneficiary. Likely winners include firms that can take advantage of currency dichotomies, including Chinese property developers with sizeable dollar debt and firms that generate most revenue in the mainland but are Hong Kong-listed, according to analysts. On the flip side of the currency equation are exporters, whose products will be less price-competitive when sold in foreign markets. The renminbi has surged 12 per cent against the dollar since May last year, with the rally accelerating recently amid inflation concerns and the greenback's weakness. Some investors expect the renminbi rally to continue, despite the...