Bitcoin Trading in Chinese Yuan Drops by One-Third in 30 Days
China’s big three exchanges announced they would end zero fee trades and margin trading Tuesday due to increased scrutiny by the People’s Bank of China (PBOC), leading to a collapse in Chinese bitcoin trading volumes. The changes come on the heels of Beijing’s implementation of new capital controls in 2016. In late January, China’s big three bitcoin....
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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....
Despite efforts by China’s central bank to stabilize the Yuan in the past, they have utterly failed to do so. The value of China’s Yuan has been going down steadily over the past few months. That trend will likely continue, as the currency reached its lowest point since September of 2010. For now, it remains anybody’s guess as to how this scenario will play out long-term, but things are not looking optimistic. At the same time, China continues to be very bullish on Bitcoin, showing the need for alternative financial tools. Almost no day goes by without the Chinese Yuan weakening against....
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....
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,....