NFT News Official TheBitTimes.com

China's capital outflows reached $49 billion in August, its highest in nearly eight years. Analysts are debating whether it could be a boon for Bitcoin and crypto. Bitcoin (BTC) could see “substantial inflows” from China within the next few months, amid a weakening Chinese yuan and one of the country’s biggest capital flight s in years .  “The familiarity of Bitcoin by Chinese investors in times of a weakening domestic economy could see substantial inflows into Bitcoin over the next few months,” said Markus Thielen, head of research and strategy at Matrixport. Latest official data — compiled by Bloomberg — shows China’s capital outflows hit $49 billion in August, the largest monthly capital outflow since December 2015, potentially spelling more pressure for the Chinese yuan. China just experienced a capital outflow of $49 billion last month, the largest outflow in more than 7 years pic.twitter.com/X4Or9k3Oiu — Barchart (@Barchart) September 19, 2023 “The USD/CNY exchange rate...

The US dollar is rising against the Chinese yuan, and the Communist country is worried about the development. The US dollar is ending on a new high at a time when the China-led BRICS are looking to derail their growth. The dollar’s increase against local currencies lately has got authorities in China, India, and Japan worried. To counter the US dollar’s rise, China announced a new rule that its financial institutions must hold foreign currency deposits by a third only. Also Read: U.S. & European Union React to BRICS Expansion However, in the latest update, China’s Central Bank has ramped up the rule and is scrutinizing bulk US dollar purchases by domestic firms. China tightened its scrutiny on US dollar purchases by domestic firms as the Yuan faces depreciation in global markets. Domestic firms that need to purchase $50 million or more will now need approval by the People’s Bank of China. “The approval process will be extended,” said ...