PBOC asked exchanges not to mention devaluation of Yuan

Bitcoinpro

legendary

Activity: 1358

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Quote from: Yakamoto on January 08, 2017, 11:30:46 PM

God this just gets funnier and funnier by the day.

The PBOC is taking this in one of the worst ways I have seen in a long time. Maybe it's a strategy, but the constant devaluation of the Yuan just makes this insane to think about. Every single worker within China just keeps getting screwed, their previous wealth constantly loses value, and it's a terrible situation. No wonder the rich are getting their money out of China and into western countries.

Here's the long term chart, click on historical

http://www.tradingeconomics.com/china/currency

recently it has returned near to the long term peg from 95-05

housebtc

sr. member

Activity: 588

Merit: 252

I think PBOC pronouncement is funny can they tell Bloomberg not to mention devaluation of Yuan, China started the currency war in the first place by devaluing their currency in order to sustain the market demand for their products. India is waking up as another strong Bitcoin market and the influence of China will not be that felt as time goes

runningm520

sr. member

Activity: 298

Merit: 250

Quote from: hl5460 on January 08, 2017, 11:20:02 PM

Chinese government’s policy and behaviors are always subtle and important. The “inquiry” in Chinese literally means “to meet and talk”( yue tan 约谈). In Chinese Stock Exchanges, CEO of companies whose stock price is abnormally volatile or whose capital operation has potential to greatly impact the market like major acquisition and buy-out could be inquired by China Securities Regulatory Commission. The inquiry in many cases is just a softened reminding or if any, warning. It can also be the initial stage of an investigation in some cases, though.

According to Caixin, China’s top financial news media, PBOC has told the threes exchanges that the devaluation of yuan should not be mentioned in their promotions and has reiterated the importance of Anti-money Laundering Law of China. Furthermore, PBOC said the three exchanges should not conduct off-line promotions in China. Specifically, PBOC has warned BTCC that fake trading records(machine transactions) shall not happen again.

http://news.8btc.com/continue-inquiry-is-normal-and-exchange-will-firmly-help-guard-against-risk

Makers pull, platform brush, bull market is out of the. Now the inhibition of asset bubbles, also speak to the political country, if the central bank completely blocked it, the three exchanges will drink the Northwest wind.

Przemax

hero member

Activity: 574

Merit: 500

Quote

This is not just happening in china as we all know.
Devaluation of currencies is happening in almost every country.Of course some do it in a rapid and massive scale compared to others.And the true inflation is much higher than what we get told.
This will not end well.However until the worst point is reached the banks and governments will pull out some more tricks to delay the inevitable and to safe at least their own butts and only the small men and women will have to suffer.

Inflation and devaluation of the currency are two different things. It can come in pairs but does not have to.

Devaluation is based on comparison to the other currencies the artficial lower exchange rates to boost the export. And inflation is the rise in the costs of products which can happen even if the currency is rising in value compared to the other currencies.

And no. Most countries outside of china does not devalue their currency.

Quote

Every single worker within China just keeps getting screwed, their previous wealth constantly loses value, and it's a terrible situation.

Total bs made up by the right wingers. Inflation and printing money makes live of workers a lot better visibly. Ordinary chineese are a lot better than like 10 years ago. The workers mainly dont have savings and if they do its only because of the printing. Its the rich chineese that are loser here and thats why they use bitcoin to maintain their privilages. Im not saying its good to increase inflation. Maybe it is, but think again if you write something again ok?

Denker

legendary

Activity: 1442

Merit: 1016

Quote from: Yakamoto on January 08, 2017, 11:30:46 PM

God this just gets funnier and funnier by the day.

The PBOC is taking this in one of the worst ways I have seen in a long time. Maybe it's a strategy, but the constant devaluation of the Yuan just makes this insane to think about. Every single worker within China just keeps getting screwed, their previous wealth constantly loses value, and it's a terrible situation. No wonder the rich are getting their money out of China and into western countries.

This is not just happening in china as we all know.
Devaluation of currencies is happening in almost every country.Of course some do it in a rapid and massive scale compared to others.And the true inflation is much higher than what we get told.
This will not end well.However until the worst point is reached the banks and governments will pull out some more tricks to delay the inevitable and to safe at least their own butts and only the small men and women will have to suffer.

hl5460

legendary

Activity: 1621

Merit: 1000

news.8btc.com

Quote from: Yakamoto on January 08, 2017, 11:30:46 PM

God this just gets funnier and funnier by the day.

The PBOC is taking this in one of the worst ways I have seen in a long time. Maybe it's a strategy, but the constant devaluation of the Yuan just makes this insane to think about. Every single worker within China just keeps getting screwed, their previous wealth constantly loses value, and it's a terrible situation. No wonder the rich are getting their money out of China and into western countries.

This is just a warning. There could be more substantial measures to tighten the control.

Yakamoto

legendary

Activity: 1218

Merit: 1007

God this just gets funnier and funnier by the day.

The PBOC is taking this in one of the worst ways I have seen in a long time. Maybe it's a strategy, but the constant devaluation of the Yuan just makes this insane to think about. Every single worker within China just keeps getting screwed, their previous wealth constantly loses value, and it's a terrible situation. No wonder the rich are getting their money out of China and into western countries.

hl5460

legendary

Activity: 1621

Merit: 1000

news.8btc.com

Chinese government’s policy and behaviors are always subtle and important. The “inquiry” in Chinese literally means “to meet and talk”( yue tan 约谈). In Chinese Stock Exchanges, CEO of companies whose stock price is abnormally volatile or whose capital operation has potential to greatly impact the market like major acquisition and buy-out could be inquired by China Securities Regulatory Commission. The inquiry in many cases is just a softened reminding or if any, warning. It can also be the initial stage of an investigation in some cases, though.

According to Caixin, China’s top financial news media, PBOC has told the threes exchanges that the devaluation of yuan should not be mentioned in their promotions and has reiterated the importance of Anti-money Laundering Law of China. Furthermore, PBOC said the three exchanges should not conduct off-line promotions in China. Specifically, PBOC has warned BTCC that fake trading records(machine transactions) shall not happen again.

http://news.8btc.com/continue-inquiry-is-normal-and-exchange-will-firmly-help-guard-against-risk

Topic: PBOC asked exchanges not to mention devaluation of Yuan (Read 1207 times)