Why is China Going Up Right Now?

[seriouscoin]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

Are you serious?

because the Chinese government restrict any forex business against Yuan.... They control the exchange rate of their Yuan .... you must have lived under a rock.

[piramida]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

you can't move much outside of china.

[seriouscoin]

Ok i just talked to a few friends who live and do business in China. They all tell me its very common for the government to do this as a "warning" to new growth business. Basically.... they want bribes.

The fact that other small exchanges in China still able to have withdrawn/deposit makes them strongly believe this.

Its not a surprised to them as they've been involved in telecom industry in the early days, same thing happened to top cellphone carriers.

[Jren]

http://www.cryptocoinsnews.com/2013/12/19/chinese-bitcoin-exchange-accepting-deposits/

So no end crash? and here is sold some coins to buy back more when the price goes down again.

Let's hope for a nice weekend/christmas dip

[vphen]

I sold all @6000 CNY
so now I 'm buying back. no matter the deposit issue

[rebuilder]

Weren't there non-chinese traders trading on BTCChina as well? If you were one of those, it'd be quite a no-brainer to buy there and sell higher elsewhere. The question would be, how much profit do you think you can eke out, since it'd be a one-way road.

[superresistant]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

China filter his internet.

[tdenisenko]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

As stated by Paul Krugman in 1999:
"The point is that you can't have it all: A country must pick two out of three. It can fix its exchange rate without emasculating its central bank, but only by maintaining controls on capital flows (like China today); it can leave capital movement free but retain monetary autonomy, but only by letting the exchange rate fluctuate (like Britain – or Canada); or it can choose to leave capital free and stabilize the currency, but only by abandoning any ability to adjust interest rates to fight inflation or recession (like Argentina today)"

http://en.wikipedia.org/wiki/Impossible_trinity

[featureslif]

because they've seen that china is not an unique country effective at bitcoin prices.
although all the speculative bad news from china, rest of the world still buying.
bitcoin will change the financial system within 3 years even china goverment wants so or not.

[superresistant]

http://www.cryptocoinsnews.com/2013/12/19/chinese-bitcoin-exchange-accepting-deposits/

This.

The previous announcement was a manipulation by the Chinese government to make money out of Bitcoin.

[mgio]

It's actually pretty surprising. If you read the news, almost all the bitcoin news is bad, and much if it is just plain wrong. There are articles about how bitcoin has been crashing just published in the last couple hours but in the last day or so bitcoin has been going up! I guess those articles were writted 2-3 days ago.

[superresistant]

It's actually pretty surprising. If you read the news, almost all the bitcoin news is bad, and much if it is just plain wrong. There are articles about how bitcoin has been crashing just published in the last couple hours but in the last day or so bitcoin has been going up! I guess those articles were writted 2-3 days ago.

Media understand nothing about Bitcoin and they don't care about it. They just want to sell space for ad.

[seriouscoin]

It's actually pretty surprising. If you read the news, almost all the bitcoin news is bad, and much if it is just plain wrong. There are articles about how bitcoin has been crashing just published in the last couple hours but in the last day or so bitcoin has been going up! I guess those articles were writted 2-3 days ago.

Media understand nothing about Bitcoin and they don't care about it. They just want to sell space for ad.

+ 1 Unless their chief editor involved in bitcoin trading..... then we will have all kind of BS agenda.

[JimboToronto]

it is also very tempting for those who sold at 4-5k+ CNY to double their bitcoins by buying back in. Bitcoin is not dead in China, and new deposit methods are coming soon and once that is possible again you can pretty much guess what's going to happen. Smart people will want to buy (back) in at a low price before it is even announced that deposits are going to be enabled again.

This.

[jamesc760]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

It's possible but highly unlikely because the average chinese people are afraid that their red commie government will come and arrest them and put a bullet in their head IF they are found to be transacting cny for btc.

[sgbett]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

Are you serious?

because the Chinese government restrict any forex business against Yuan.... They control the exchange rate of their Yuan .... you must have lived under a rock.

Well yeah i get they have capital controls, for yuan moving in and out of china. I was just kinda trying to think outside the box - i.e. does yuan exist outside of china at all. It being physical currency. Or is it possible for it to exist on the balance sheet of an entity outside of china.

Its a silly thought I know, idle speculation

[zimmah]

there already are funds in exchanges, even if (that's a huge if) there are no channels to send money in. some people might like to convert those to cheap coins and move to sell abroad.

exactly what i would do, those few people that still have bitcoins or money in the exchanges should consider themselves lucky, since everyone else can't get bitcoin in china that easily, while they can get very cheap coins right now.

Eventually the price will rise again and a large part of the chinese population can't buy bitcoins even if they wanted to, and once they can finaly buy them it will be much more expensive.

Some chinese people may even trade bitcoin in a localbitcoins style trade, at a much higher price (because it's so hard to replace the bitcoins).

[TERA]

Apparently Loaded flew to China with cash.

[BitchicksHusband]

Yup.... all money wiring from/to HK (without business license/contract) is very limited in value. I had to use some third party service to move 5 figures USD from HK to mainland and it cost quite abit.

You know, it's too bad there's no way to move money easily from country to country in minutes for pennies...  Somebody should invent that.

[aminorex]

This might be a naive question but can you have CNY banking facilities outside of china. Why can't an exchange open on outside china that allows CNY trading, accepts CNY deposits/withdrawals (possibly through a payment processor also outside of china?)

Yes, you can.  For example, you can open a CNY account at Bank of China or ICBC in New York.  However, I should more properly say "CNH" because these are off-shore yuan, and are not freely exchangable for on-shore yuan.  You can trade USDCNH, but not USDCNY, on conventional FX platforms, outside of capital controls.  To convert CNY to CNH you need an invoice from an onshore company approved by the state export bureau.  To convert CNH to CNY you need to invoice an onshore company, and the purchase has to be approved by a channel so obscure and hidden that I don't know the name of the office (or officers) you need to grease.