Talk about unanticipated consequences, as the Chinese yuan drops in value due to factors like the ongoing trade war with the U.S., there are signs that locals are increasingly moving funds into bitcoin.
While the Chinese government has sought to keep the value of its currency above 7 CNY to the dollar, last month the yuan was allowed to slide below that level, dropping to its lowest for 10 years. The move was reportedly in response to U.S. President Donald Trumps threats in early August to impose a 10 percent tariff on Chinese imports
The inverse correlation between bitcoin and the yuan also notched up in April and May “as the tensions ratcheted up with the deterioration on U.S.-China trade relations,..
V Menschnik: Crypto Spy 