Bitcoin Blooms with Chinese Buyers as Yuan Sinks
Bitcoin price has seen sailing good winds lately, spiking early on October 11 from recent averages of $610-$615 to $630. Prices have seen support since, with a high of $649 on the Bitstamp Price Index, a number that hasn’t been scaled since the end of July. Bitcoin’s rise coincides with the continued fall of the Chinese fiat yuan, sinking to its lowest levels in six years this Monday. Bitcoin price surged to a 10-week high on Tuesday, following an increased demand from Chinese buyers who are stocking up on bitcoin while expectations for the yuan sank alongside the fiat currency. The yuan....
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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:....
If there was anyone left on this planet who thought there was nothing going on with the Chinese economy you might want to rethink that statement very soon. Over the past few months, the Chinese Yuan has been losing value, and things have taken a turn for the worse now that China suspended some foreign banks from FX trading. Capital outflows for the Chinese Yuan are getting out of hand, as investors are looking for a different safe haven. A country’s central bank does not often suspend [some] foreign exchange businesses of other foreign banks for an extended period of time. Every bank in....
Rectifying this situation will not be an easy feat either. Further devaluing the Yuan seems the only plausible scenario, although it is impossible to predict the outcome. The recent Bitcoin price surge is mostly driven by Chinese traders. Increasing fear of capital outflows and the ongoing Yuan devaluation make Bitcoin a viable alternative investment opportunity. It is evident the Chinese government is running out of ideas to stabilize the economy. In fact, it appears the Yuan will continue to slide down a slippery slope. To be more precise, it seems the increasing Bitcoin demand hints at....
A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency. Chinese City Giving Away Digital Yuan The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday. This is part of the digital yuan....
Two Chinese banks are expanding their pilot programs for the digital national fiat. The state-owned financial institutions have revealed they are aiming to allow digital yuan holders to acquire investment funds and insurance products using the new currency. Chinese Banks Partner With Fund Managers and Insurers in Search of Digital Yuan Use Cases China Construction Bank (CCB) and Bank of Communications (Bocom), two leading state-run banks, are increasing efforts to find new applications for the central bank digital currency (CBDC) issued by the People’s Bank of China. The lenders....