RMB Down: Chinese Investors Are Turning To Bitcoin
A way for Chinese investors to store foreign currency through bitcoins is to buy bitcoins on domestic exchanges, then pfer them to an overseas exchange. After that, investors can sell these bitcoins and get us dollars or other foreign currencies.
The total volume of virtual currency pactions reached 47 million in October 24th, the highest level since 2011.
CoinDesk data showed that bitcoin prices hit a more than four month high of $742.46 last Wednesday.
Most of these pactions took place in China, and the bitcoin trading volume in China's three exchanges accounted for 98% of the global paction volume in the past three months.
This time
Bitcoin
Rising prices and rising trading volumes coincided with the fall of the renminbi.
The yuan has fallen by 1.4% against the US dollar since September 30th. The decline in the renminbi has made some Chinese investors unprepared to seek gold for more stable value storage or bypass.
Chinese capital
The way to control the pfer of funds overseas.
Chief executive officer of China bitcoin exchange BTCC
Li Qi Yuan
(Bobby Lee), which includes the use of bitcoins.
He said that the moment investors bought bitcoins would have left the Chinese market.
It is not clear how large the Chinese investors are to pfer their funds overseas.
Li Qiyuan acknowledged that even if Chinese investors are doing this, it may be only a small part of China's overall capital outflow, because the trading process of bitcoin is still complicated.
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