Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade

Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central bank. As Wikipedia describes: “Since 2006, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies.” The People’s Bank of China adjusts the rate in response to macro factors to ensure its economy is stable. Bitcoin stands to benefit […]

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Author: toutiao