[2016-09-08] Zerohedge: Chinese Central Bank Crushes Yuan Shorts, Launching Bitc

[tyz]

Chinese Central Bank Crushes Yuan Shorts, Launching Bitcoin Buying Spree

With the Yuan having traded within fractions of what many consider a key psychological level for the USDCNY at 6.70, many traders expected that following the just concluded G-20 meeting in China, the PBOC would finally relent in its devaluation defense, and let the currency slide on through to the other side. Not only did that not happen, but overnight the Chinese Central bank unleashed one of the most furious attacks on currency Yuan shorts since the January devaluation scare when the cost of borrowing yuan in Hong Kong soared to a seven-month high amid.

http://www.zerohedge.com/news/2016-09-08/chinese-central-bank-crushes-yuan-shorts-launching-bitcoin-buying-spree

[Dinki]

China has always been a major player in bitcoins, I am not surprised Chinese are dumping their fiat - though it came earlier than I expected.