A Strengthening Renminbi Casts Further Bullish Spells on Bitcoin

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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…

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