One nation that breathed a sigh of relief when Mitt Romney lost in his bid to unseat President Barack Obama is China. The Republican challenger had vowed to label the country a currency manipulator, and with his loss, that threat has gone by the boards.

Throughout 2012, most Asian currencies, including the yuan, have done quite well against the U.S. dollar, but fears in China of a hardening financial policy in Washington against China was viewed with apprehension in the communist nation, according to CNBC.

“With Obama winning a second term, the risk of Sino-U.S. conflict and potential yuan depreciation — historical retaliation behavior from China — has been lowered,” Nomura strategists wrote in a report cited by CNBC. “Although President Obama and the U.S. Treasury will continue to press China for greater yuan liberalization and appreciation, the pressure is likely to be more diplomatic.”

Editor's Note: You Deserve to Know What Obama and Bernanke Are Hiding From Americans

China is America’s second largest trading partner, after Canada, according to U.S. Census Bureau figures. Mexico is third on the list, followed by Japan, Germany and England.

Romney had made his views on China’s fiscal policies a major point in his debates with Obama. He not only advocated China as a currency manipulator, but also said he would replace Federal Reserve Chairman Ben Bernanke if elected. Bernanke shares the Obama administration’s view on leaving China’s status alone.

Forex analysts said with Obama’s win, Asian currencies should continue their run going forward and that the time of China bashing is over for the time being.

The yuan has appreciated about 1 percent against the greenback so far this year, and is now trading at 6.24, CNBC reported.

Since Obama took office U.S. exports to China have nearly doubled and the yuan has increased in value by 10 percent, CNBC said.

Good relations between the two superpowers are expected to continue, Nomura concluded in its report.

Other Asian currencies that the analysts said could rise include the Korean won, the Malaysian ringgit and the Philippine peso.

"We are generally quite bullish on Asian currencies, not just because of what's happening with the Fed and the U.S., but also because of Asia," Thio Chin Loo, senior currency strategist with BNP Paribas in Singapore, told CNBC.

"With the Chinese leadership change this month, they may smooth out the hiccups that we have seen in the country's growth this year, and this will be positive for Asia."

Editor's Note: You Deserve to Know What Obama and Bernanke Are Hiding From Americans