PBOC Stifles Yuan’s Growth, Affect Recovery and Boost Bitcoin
The PBOC's move to control yuan may further strengthen Bitcoin while the country's economy weakens. Bitcoin recently ended its price rally rather abruptly after the Chinese yuan improved its performance for a short period. While many resorted to panic selling with the hopes of yuan’s continued improvements, it hasn’t turned quite the way they had expected. Thanks to the meddling of People’s Bank of China, the currency’s gains were short-lived. According to various financial media outlets, the actions of PBOC to set the yuan midpoint at 6.9262 as against the previous week’s 6.8668 is an....
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The China Money Network released a “special commentary” which says Yuan fell “slightly lower than the end of December last year, but the rate of change is not large,” according to a google translation. Zooming out of Yuan’s charts, the currency has fallen to its lowest level in seven years. Moreover, China’s reserves have fallen below the significant psychological threshold of $3 trillion, its lowest in five years, raising questions on whether the People’s Bank of China (PBOC), China’s central bank, can continue maintaining Yuan’s value – which fell yesterday. Nonetheless, PBOC’s Weibo....
The connection between the Chinese yuan and the price of bitcoin appears to be weakening. Despite assertions that macroeconomic fears in China are one factor boosting the price of bitcoin, the nation's recent decision to lower the yuan’s currency peg by the largest amount since August notably failed to cause a significant change in the digital currency’s price this week. Arguably almost entirely driven by long-term bullishness and sentiment, it's become a passtime of bitcoin industry observers to attempt to correlate movements in the market with larger, macroeconomic trends, and China has....
PBOC Site Error Page. According to George Chen, Financial Editor and "Mr. Shangkong" columnist at Hong Kong's South China Morning Post, the official website of the People's Bank of China (PBOC) recently came under DDOS attack. Chinese media have placed blame for the attack on "foreign Bitcoin investors" angry over recent Bitcoin prohibitions by the PBOC. The PBOC this afternoon told media that it "was fixing web." The PBOC site appears to be online as of this time. George Chen is a former Thomson Reuters reporter and the author of 'Foreign Banks in China.' His Twitter feed, in which he....
Moody’s, the asset quality rating agency, has warned the high rate of inflation that some countries are facing in Latam will affect the economic recovery in the region. Brazil, Chile, and Mexico are said to be the countries more affected by this phenomenon, and their recovery will depend on other factors to attenuate the effects of inflation.
Moody’s States Latam Spending Recovery Might Be Hampered by Inflation
Inflation is becoming a problem in several countries of Latam and the world, putting a dent in the recovery predictions of many countries after the Covid-19....
Both Bitcoin buyers and sellers attention on the market is always focused on the cryptocurrency price. This is a defining factor that empowers traders to makes decisions on whether to buy or sell Bitcoins. Every day, experts make forecasts about the price based on fundamental or technical analysis and market players are closely following any news that may affect the price and value of Bitcoin. In this article we will try to understand what factors affect the growth or decline of Bitcoin price rates. But first, let us recall what represents the price of Bitcoin. Bitcoin has value for....