• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Wednesday, July 16, 2025
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

A Strengthening Renminbi Casts Further Bullish Spells on Bitcoin

2 October 2020
in Bitcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



A robust exchange rate policy by the Chinese leaders has prompted the renminbi to log its best quarter in 12 years. And it may help Bitcoin surge as well.

The onshore renminbi added approx 4 percent in the three months ending September 30, its best since 2008. Meanwhile, its offshore counterpart gained more than 4 percent, signaling further weakening of the US dollar against the euro and other major currencies.

China’s preference for a weaker renminbi has inversed in the wake of the coronavirus pandemic. The second-largest economy is now looking to develop the domestic consumption market. Analysts, including Essence Securities Chief Economist Gao Shanwen, said that yuan, a unit of the renminbi, would appreciate further.

“In the future, the yuan will enter a longer process of appreciation,” he said. “Maybe it will start soon.”

Renminbi Predicts the US Dollar Crash

Timothy Moe of Goldman Sachs also sees the renminbi strengthening to 6.5 per dollar in the next 12 months. The chief Asia-Pacific equity strategist credited the US dollar’s “structural period of weakening” for boosting yuan’s demand in global markets, calling it a “loss of US exceptionalism.”

Mansoor Mohiuddin, the chief economist at the Bank of Singapore, said in his latest op-ed that China’s growing trade imbalance with the US made the renminbi a de-factor indicator to gauge the dollar’s strength. In retrospect, if China’s currency rise, then it signals that the US economy is attracting fewer capital inflows.

The Chinese Yuan strengthens against the US dollar. Source: TradingView.com

The signs are already on the horizon. In the last 18 months, the Chinese government has increased its efforts to allow more foreign institutions to pour money into its domestic market. The coronavirus pandemic has further accelerated those inflows, given the rising yields on 10-year Chinese government bonds.

Related articles

Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

16 July 2025
Gone Without A Trace: Darknet Bitcoin Platform Vanishes In Suspected Scam

Gone Without A Trace: Darknet Bitcoin Platform Vanishes In Suspected Scam

15 July 2025

In contrast, the US 10-year Treasury is returning lower yields due to the Federal Reserve’s near-zero interest rate policy.

[crypto-donation-box]

“It does look as if Chinese government bond yields will stay higher than developed markets’ bonds,” said Mr. Mohiuddin, citing the lower size of monetary stimulus provided by the Chinese government against the coronavirus pandemic.

That expects to create further downside pressure on the US dollar.

BTC to Benefit?

Analysts at Morgan Stanley predict that the renminbi’s share in the global reserve currency circuit could increase from 2 percent to 10 percent in the next decade. Meanwhile, with the US fiscal deficit rising, people anticipate a stronger bearish bias in the US dollar market.

Sitting as a bystander of the so-called currency war is Bitcoin, a decentralized cryptocurrency that also serves as a hedge against falling traditional markets. Its exchange rate against the US dollar surged by 200 percent amid the pandemic, much higher than the renminbi.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, Euro, EURUSD, cryptocurrency, dollar, dxy, s&p 500

BTC/USD is trading upwards towards $11,000 in a choppy session Thursday. Source: TradingView.com

Cryptohopper
ADVERTISEMENT

Bitcoin is likely to benefit from a stronger renminbi, given the Chinese currency keeps building downside pressure on the US dollar. Investors with huge exposure in the greenback may choose the scarce cryptocurrency to park their funds.

Read further: MicroStrategy Stock Jumps 9% Following Bitcoin Investment; Red Flags Ahead?



Source link

Tags: BitcoinBullishCastsRenminbiSpellsStrengthening
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 28th, 2020

Next Post

Ripple (XRP) Podcast Explores Shocking Scales of Energy Consumption

Related Posts

Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

16 July 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure In a twist that few saw coming,...

Gone Without A Trace: Darknet Bitcoin Platform Vanishes In Suspected Scam

Gone Without A Trace: Darknet Bitcoin Platform Vanishes In Suspected Scam

15 July 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Abacus Market, one of the biggest Bitcoin-powered...

Metaplanet Just Bought 800 Bitcoin—And It’s Not Done Yet

Metaplanet Just Bought 800 Bitcoin—And It’s Not Done Yet

14 July 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Japanese investment firm Metaplanet added 797 BTC...

Bitcoin May Land On 36 More Company Balance Sheets This Year, Blockchain Firm Says

Bitcoin May Land On 36 More Company Balance Sheets This Year, Blockchain Firm Says

13 July 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Public firms around the globe have been...

Bitcoin Boom Pushes Satoshi Nakamoto Into Top 11 Wealthiest, At Nearly 0  Billion

Bitcoin Boom Pushes Satoshi Nakamoto Into Top 11 Wealthiest, At Nearly $130  Billion

13 July 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Satoshi Nakamoto, the anonymous creator of Bitcoin,...

Load More
Next Post

Ripple (XRP) Podcast Explores Shocking Scales of Energy Consumption

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

16 July 2025
BNB Surges 10,000% Since Inception, Hits 680 USDT – AInvest

BNB Surges 10,000% Since Inception, Hits 680 USDT – AInvest

15 July 2025
Congress Fumbles GENIUS Act and CBDC Bills; What Went Wrong?

Congress Fumbles GENIUS Act and CBDC Bills; What Went Wrong?

15 July 2025
Ethereum Adoption Intensifies: BTCS Inc. Buys Additional 14,522 ETH In Strategic Push

Ethereum Adoption Intensifies: BTCS Inc. Buys Additional 14,522 ETH In Strategic Push

15 July 2025

About Us

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details
  • BNB Surges 10,000% Since Inception, Hits 680 USDT – AInvest
  • Congress Fumbles GENIUS Act and CBDC Bills; What Went Wrong?
  • Ethereum Adoption Intensifies: BTCS Inc. Buys Additional 14,522 ETH In Strategic Push
  • China’s DeepSeek AI Predicts the Price of XRP, Solana and Cardano by the End of 2025 – Cryptonews

Subscribe Now

Our Partner

Round Main Logo
  • About Us
  • Privacy Policy
  • Contact Us

© 2022-2025 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin (BTC) $ 118,106.00
  • ethereumEthereum (ETH) $ 3,142.62
  • xrpXRP (XRP) $ 2.93
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 693.54
  • solanaSolana (SOL) $ 164.76
  • usd-coinUSDC (USDC) $ 0.999905
  • dogecoinDogecoin (DOGE) $ 0.201586
  • staked-etherLido Staked Ether (STETH) $ 3,138.25
  • tronTRON (TRX) $ 0.300129
  • cardanoCardano (ADA) $ 0.749831
  • hyperliquidHyperliquid (HYPE) $ 48.41
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 117,847.00
  • stellarStellar (XLM) $ 0.459324
  • suiSui (SUI) $ 4.08
  • wrapped-stethWrapped stETH (WSTETH) $ 3,796.76
  • chainlinkChainlink (LINK) $ 16.18
  • bitcoin-cashBitcoin Cash (BCH) $ 500.89
  • hedera-hashgraphHedera (HBAR) $ 0.233671
  • avalanche-2Avalanche (AVAX) $ 22.34
  • wrapped-eethWrapped eETH (WEETH) $ 3,359.33
  • leo-tokenLEO Token (LEO) $ 8.91
  • shiba-inuShiba Inu (SHIB) $ 0.000014
  • the-open-networkToncoin (TON) $ 3.13
  • wethWETH (WETH) $ 3,142.82
  • litecoinLitecoin (LTC) $ 97.04
  • usdsUSDS (USDS) $ 0.999735
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999932
  • whitebitWhiteBIT Coin (WBT) $ 44.33
  • polkadotPolkadot (DOT) $ 4.11
  • moneroMonero (XMR) $ 334.95
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 118,081.00
  • uniswapUniswap (UNI) $ 9.50
  • pepePepe (PEPE) $ 0.000013
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bitget-tokenBitget Token (BGB) $ 4.55
  • aaveAave (AAVE) $ 329.42
  • bittensorBittensor (TAO) $ 445.39
  • daiDai (DAI) $ 0.999945
  • pi-networkPi Network (PI) $ 0.450136
  • crypto-com-chainCronos (CRO) $ 0.108592
  • aptosAptos (APT) $ 5.15
  • nearNEAR Protocol (NEAR) $ 2.69
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • internet-computerInternet Computer (ICP) $ 5.65
  • ondo-financeOndo (ONDO) $ 0.943121
  • ethereum-classicEthereum Classic (ETC) $ 19.19
  • jito-staked-solJito Staked SOL (JITOSOL) $ 200.47
  • okbOKB (OKB) $ 47.75
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00