• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

The Dollar Loses 10% Against Chinese Yuan

22/11/2020 15:21
No comments
FED, ECB, printer, satire, Nov 2020

The dollar has lost significant value against the Chinese Yuan (CNY) since May of this year.

It has dropped from $1 buying you 7.2 CNY to now just 6.5 CNY, its lowest level in two years.

USD/CNY, November 2020
USD/CNY, November 2020

The dollar was gaining significantly against yuan following mass devaluation of CNY which the Chinese Communist Party (CCP) tried to maintain by implementing stringent capital controls to the point they closed crypto exchanges.

For much of this year however the dollar has been mass devaluing, with trillions printed for helicopter money and to bail out companies.

That has led to a strengthening CNY because somehow they quickly brought the pandemic under control in just three weeks, leading to wild speculation.

America is still struggling with it, so causing a drop in the dollar strength to its lowest point since May 2018.

Falling dollar, Nov 2020
Falling dollar, Nov 2020

Some recent gains by the dollar in its strength index are due to the euro falling even more as printing there has led to even Greek debt courting negative interest rates.

Where CNY is concerned it may continue gaining because they’re not taking any measures that hurt the economy and have not been doing so since the end of February.

Where bitcoin is concerned that may well mean to Chinese citizens the crypto is now a bit cheaper as it tends to be priced in dollars.

With the value of the dollar falling, then relatively speaking bitcoin costs less there in their own money.

Chinese authorities however are trying to prevent their citizens from buying bitcoin, but the Chinese people somehow always seem to find a way of doing so, not least because bitcoin is the most easily accessible monetary asset in the world as it is just code which you can even mine yourself.

Whether the dollar will continue weakening remains to be seen with the Biden presidency expected to spend (borrow print) trillions for climate change and some Buy America infrastructure fund as well as other things.

So it may well fall below that 92 as the crack-up boom keeps on printing debt money which has to be paid back more than 100%.

Related Posts

Trustnodes Web3 Login, May 2022

Trustnodes Goes Web3

Bitcoin miner, abstract art.

Has Bitcoin Bottomed?

Cloudflare to Stake ETH

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Load More
  • Trending
  • Comments
  • Latest
One of Luna's bitcoin wallet, May 2022

Luna Confirms They Sold All Bitcoin

Central Bankers Discuss Bitcoin in El Salvador, May 2022

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Luna delisted, May 2022

Luna Delisted After Half a Trillion Trading Volumes

Three Months US Treasury Bonds Rate, May 2022

Falling Bonds Back USDc

Trustnodes Web3 Login, May 2022

Trustnodes Goes Web3

Bitcoin miner, abstract art.

Has Bitcoin Bottomed?

Cloudflare HQ

Cloudflare to Stake ETH

Central Bankers Discuss Bitcoin in El Salvador, May 2022

44 Central Banks to Attend Bitcoin Gathering in El Salvador

Comments

Latest News

  • Trustnodes Goes Web3
  • Has Bitcoin Bottomed?
  • Cloudflare to Stake ETH

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?