Binance to suspend Chinese yuan from P2P platform in December
Binance is taking more measures to comply with China’s cryptocurrency crackdown with new restrictions in the mainland. Binance crypto exchange officially announced on Oct. 13 that the company will delist the Chinese yuan (CNY) from its peer-to-peer trading platform on Dec. 31.Alongside terminating yuan trading pairs, Binance will continue further restricting access to its platform by users from mainland China, introducing new measures for accounts found to be linked to the region. Binance will specifically limit such accounts to “withdrawal only” mode, limiting transactions to withdrawals,....
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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....
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,....
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:....
The past two years were much harder on the dollar, however. Despite rapid advancement of a digital yuan, China's progress in internationalizing its currency has stalled out in recent months. Per data from SWIFT's RMB Tracker released on Jan. 20, the Chinese yuan (CNY), also known as the Renminbi (RMB) had gained only .02% in international usage between December 2018 and last month. Meanwhile, it had fallen from 1.26% to 1.16% between November and December of 2020.Source: SWIFTWhile not a catastrophe, it's nowhere near the numbers that China has become used to since making the....
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....