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Topic: 2013-12-18 BBC.co.uk - Bitcoin sinks after China restricts yuan exchanges (Read 798 times)

sr. member
Activity: 868
Merit: 250
Quote
"China is trying to grow its domestic economy and rebalance it from an export and investment-based model to a consumer driven one over the next decade, and to do that the authorities want to keep as much yuan within the country as possible," said Jinny Yan, an economist with Standard Chartered bank.

I don't get this. Old wisdom says: for every buyer there is a seller. Yuans just change hands in China when bitcoins are traded at BTC China, they don't leave the country. Only bitcoins might leave the country in future, if they are cashed out in another currency later. This might lead to devaluation of the Yuan, but I doubt that the volumes are big enough to have any measurable impact.
newbie
Activity: 42
Merit: 0
Quote
According to Yicai - a business news website with ties to the government - the news followed a meeting between officials from the People's Bank of China and 10 clearing houses on Monday in Beijing, at which the firms were told they had until the end of January to sever links to the country's Bitcoin exchanges.

Regular article, no FUD  Huh
Nobody has provided an official communication from the government as yet, which is strange..
legendary
Activity: 1795
Merit: 1198
This is not OK.
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