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Crypto supported by the prospects of the Yuan devaluation
 PRC government is not intruding as devaluing of the Chinese currency is to some extent in a favor of the country's huge export industry. 20.Jul.18 9:44 AM By Jeff Bannister Photo Somewhere |
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As US-China Trade war is unfolding with more and more goods get under the tariff Yuan gets devalued. It has devalued almost 1% against the US dollar on Thursday and reached its lowest rate in a year. PRC government is not intruding as devaluing of the Chinese currency is to some extent in a favor of the country's huge export industry. There are still no signs of the end of the downfall but the analysts are not expecting dramatic plunge of the Yuan. People do. Spectacular rise of the crypto market was driven, among other factors, by devaluation of the Yuan. Chinese middle and upper class viewed crypto as a viable way to preserve their savings. It led to the famous autumn-winter 2017 peak and the following correction. Now as cryptos are cheap and the Yuan prospects unclear, Chinese may turn to the old friend. This guess is supported not only by heightened volumes of trade but the growing number of real transactions. It means that customers are actually buying the Bitcoins etc, not just speculating. The critical point is 7560. Could this barrier be breached crypto of all sorts may enter long term rally. | |
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