BTC-e Adds Chinese Offshore Yuan Trading

Popular digital currency exchange BTC-e announced today it would begin trading in Chinese 'offshore yuan' (CNH), becoming the first international bitcoin exchange to offer both US dollars and yuan, and opening a field of new opportunities for currency speculators. "We are pleased to inform that new trading instruments with Chinese offshore Yuan has been added. Now btc-e clients can trade 3 new instruments. A unique trading instruments that enables you to benefit either from price fall or increase are now available in your btc-e MetaTrader4 and WebTrader platforms under following symbols:....

On Dec. 15, the Chinese bond futures market suffered a record crash, plunging from 102 to nearly 94. Offshore yuan has also increased significantly after the Fed raised rates, rising from 6.9 to approximately 6.95 overnight. As the Chinese New Year approaches and outflows accelerate, the Chinese yuan will presumably weaken even more in the upcoming months, which will ultimately push the price of Bitcoin further. On Dec. 13, the price of Bitcoin reached a 34-month high, mostly due to the depression and devaluation of the Chinese stock markets and yuan. As weakening of the yuan continued,....

Chinese investors are buying bitcoin as the yuan continues to fall since bitcoin allows them to store funds outside of China, according to The Wall Street Journal. The activity has renewed fears of government enforcement action against bitcoin, which happened when prices soared in 2013. Bitcoin trading reached 47 million bitcoins last week, the highest-ever level based on data since 2011. China Dominates Bitcoin Buying. China, the world’s second-largest economy, commands most of the bitcoin buying activity, with trading on three Chinese bitcoin exchanges accounting for 98% of global volume....

The Chinese yuan’s offshore exchange rate against the U.S. dollar fell to a new all-time low of 7.33:1 just over a day after the conclusion of the Chinese Communist Party’s congress which gave President Xi Jinping the mandate to lead the country for the third time. Concerns over Xi’s unprecedented third term, as well as the reshuffle of his top team, are said to have sparked a sell-off of stocks that wiped billions from the wealth of China’s super rich. Chinese Yuan Has Depreciated by 7% Since Late August The Chinese currency’s offshore exchange rate versus the....

Conflux will provide the technology to launch an offshore RMB stablecoin pegged to China’s CBDC, the digital yuan. As financial authorities around the globe become increasingly concerned about stablecoin regulation, a jurisdiction in China is preparing to pilot a new yuan-pegged stablecoin for international trade.Chris Banbury, head of global operations at permissionless blockchain project Conflux, told Cointelegraph on Sept. 21 that the firm will provide its technology to launch an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital....