Is China Turning To Bitcoin As Yuan Devalues?
China is seemingly buying up a lot of Bitcoin and alternative currencies like gold right now. The devaluation of their currency has been slashed over the course of the past month. The country’s Foreign Exchange Commission has ordered financial institutions to increase its checks and balance controls for capital outflow. Currency wars in the region have led to a massive monetary dump as China’s Black Monday looms and looks to a very rough financial week. This has sparked an interest in alternative currency vehicles and China’s buying volume in Bitcoin has increased. Chinese exchanges are....
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China devalued the yuan today in a move that caught global markets by surprise. Policy makers have increased efforts to support exporters and, going forward, hope to increase the role of market pricing in Asia's largest economy. The Peoples' Bank of China cut its 1-day rate by 1.9% and, thereby, triggered yuan/dollar devaluation - the biggest one-day drop since January 1994. The central bank informs only this one-time adjustment and intends to increasingly expose the yuan to market supply-and-demand. The announcement follows a series of lower-than-expected data releases from the Chinese....
The majority of bitcoin transactions carried out over the last 30 days came from yuan trades, it has been revealed. China-based exchange BTC China tweeted that a total of 71% of bitcoin trades last month could be attributed to yuan users - the Chinese market, in other words. Did you know 71% of #Bitcoin trades in past 30 days occurred in the #CNY market? Chart via bitcoinity http://t.co/MY3zwvX44D. - BTC China (@btcchina) September 5, 2014. The exchange cited data from bitcointy, which indicates that the majority of transactions were carried out in yuan. Second place goes to the US dollar,....
China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop. The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for....
China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid the depreciating yuan, China is suffering from a significant real estate crisis as the overextended Chinese housing sector has been collapsing.
China’s Yuan Slides to a 2-Year Low Against the US Dollar, PBOC Slashes Rates to Bolster Liquidity
The global economy is not looking great....
Twenty million yuan ($3 million) in China’s central bank digital currency will be given away to 100,000 people in the country’s largest test of the digital yuan to date. The digital currency will be accepted at 100,000 stores, including JD.com, one of China’s largest online retailers. $3 Million in Digital Yuan Giveaway The Chinese city of Suzhou, located west of Shanghai, is reportedly gearing up to hand out 20 million yuan in the country’s central bank digital currency (CBDC) to 100,000 residents, according to a statement posted Friday by the Suzhou municipal....