Could Crypto?s Recovery Come from a Crash in China?s Yuan"
Decades of decay look set to culminate in the probable devaluation of the Chinese yuan. Just as ordinary Chinese were quick to circumvent strict capital controls with cryptocurrencies, they may do so again to combat a rapidly devaluing yuan.
The post Could Crypto?s Recovery Come from a Crash in China?s Yuan" appeared first on LUXUO.
Since China?s accession into the World Trade Organization, there has been constant pressure on the Chinese currency, the renminbi, otherwise known as the yuan, to appreciate.
And that would make sense.
As a country?s economy grows and becomes more powerful, and the rest of the world demands its goods and services, it would make sense that its currency should rise in value relative to others.
But Beijing has done a remarkable job of keeping the lid on the rise of the yuan, and not without reason.
By keeping the yuan cheap, Chinese wares have filled shelves from Sydney to Santiago, Boston to Berlin and everywhere in between, fueling China?s industrialisation and ascent to become the world?s second-largest economy.
But peel back the veneer of a currency that appears to have every reason to rise relentlessly and the picture is no longer so sanguine.
A Yuan for More Dollars
Image: Unsplash
A once booming housing market that has lifted an entire generation out of poverty is faltering, and measures to shore it up appear half-hearted and poorly thought out.
The Chinese economy continues to struggle with periodic zero-C...
The post Could Crypto?s Recovery Come from a Crash in China?s Yuan" appeared first on LUXUO.
Since China?s accession into the World Trade Organization, there has been constant pressure on the Chinese currency, the renminbi, otherwise known as the yuan, to appreciate.
And that would make sense.
As a country?s economy grows and becomes more powerful, and the rest of the world demands its goods and services, it would make sense that its currency should rise in value relative to others.
But Beijing has done a remarkable job of keeping the lid on the rise of the yuan, and not without reason.
By keeping the yuan cheap, Chinese wares have filled shelves from Sydney to Santiago, Boston to Berlin and everywhere in between, fueling China?s industrialisation and ascent to become the world?s second-largest economy.
But peel back the veneer of a currency that appears to have every reason to rise relentlessly and the picture is no longer so sanguine.
A Yuan for More Dollars
Image: Unsplash
A once booming housing market that has lifted an entire generation out of poverty is faltering, and measures to shore it up appear half-hearted and poorly thought out.
The Chinese economy continues to struggle with periodic zero-C...
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