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December 27, 2013, 10:38:21 PM |
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My wife lived in China for 6 years, as well as doing a part of her graduate degree there, and she assures me that it is probable that the decree that no new Yuan would be allowed onto exchanges was only for the general public. But that for the 'untouchable' in the party, deposits to the exchange are going on for hundreds of people in their networks. Furthermore, even if the very gov ministries that made this pronouncement aren't themselves trading behind it, that the general public almost certainly presumes that a few powerful elite and the people in their networks are trading behind the pronouncement. And that in China this isn't even considered corrupt, people there aren't fuming about this, the general public just expects it, says "jeez, well I better work harder to improve my network's power".
In China, they honor that everyone is out for themselves and normalize it in the cultural and institutional codes. So this $100 move we saw over 36 hours of Christmas when all our banks are shut in the West, is all about 400 well connected Chinese. Bullish if you ask me. $100 moves are big deals even in our insane world of BTC.
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