China Bites Into Bitcoin
"China’s actions over the past weeks have put BTC China’s future in doubt. After Chinese regulators held a closed-door meeting to warn financial companies against working with exchanges, BTC China was swiftly abandoned by two payment processors. 'There are 300 payment processors in China. We’re going to go down the list and find one that will work with us,' says an optimistic Lee. He doesn’t think the government is trying to put him out of business but rather put the screws on Bitcoin to cut down on the rampant speculation. 'They haven’t declared exchanges illegal. That gives us room to maneuver, so there’s still hope.'" Continue reading →
Now China … Reasons for Printing Money Abound
"The tightening talk we're listening to is just for public consumption. The whole system of recovery is based on equity appreciation stimulating employment (which it does ineffectively at best). The big central banks around the world are all pumping money in unison. We will always be told that bankers are concernedly moderating money flows. But then, at the first sign of trouble, the taps are turned back on. In fact, they are never REALLY turned off. And there will always be a reason to push the volume of money even higher. They are planning a big Wall Street Party. The top men always seem to find reasons to print more. Until the world is swimming in currency." Continue reading →
China puts out yet another credit market fire with more liquidity
"The People’s Bank of China announced that it had injected cash into the short-term credit markets. While the PBOC does that regularly—twice a week via its regular, publicly announced open market operations—the cash injection that it announced today was a different kind of mechanism known as a short-term liquidity operation or SLO. It directs the central bank’s money to 12 large Chinese banks seen as crucial to the stability of the system. That the central bank has been so quick to try to ease stress in short-term markets indicates that policy makers are leery of repeating last-summer’s severe credit crunch." Continue reading →
China credit crisis fears as central bank injects funds
"China’s central bank has rushed to pump money into the stalling banking system but markets across Asia still fell sharply amid fears that the world’s second-largest economy faces a credit crisis. State media in China had reported that the PBOC has unexpectedly pumped $33bn (£20bn) into the domestic money market through what it refers to as 'short-term liquidity operation'. Fears over a looming Chinese debt crisis spurred by a poorly regulated and opaque financial system stoked fears over the summer that the Asian powerhouse could finally be on the brink of a sharp slowdown in growth." Continue reading →
Chinese Bitcoin crackdown sparks revenge cyber-attack
"China’s central bank is thought to have been targeted in a revenge cyber-attack by investors infuriated at government attempts to destroy the local Bitcoin market. As the yuan-denominated value of Bitcoins collapsed today, the website and official, Twitter-style weibo account of the People’s Bank of China suffered a series of crashes believed to have been caused by hackers. Although the attacks were not claimed by any group, they followed a decision by Beijing earlier this week that will effectively shut down Bitcoin trading on China’s online exchanges. Bitcoins have proved exceptionally popular in China." Continue reading →
Bitcoin Value Sinks After Chinese Exchange Blocked
"China’s biggest Bitcoin exchange was forced to stop accepting deposits in the Chinese currency on Wednesday, sending the price of the virtual money tumbling in one of its biggest markets globally. The development comes less than two weeks after China’s central bank and four other government agencies that regulate finance and technology issued a joint announcement banning Chinese financial institutions from dealing in the virtual currency. By Wednesday evening, the Shanghai-based BTC was quoting Bitcoins at about 2,300 renminbi, or about $380, apiece. That was nearly 40 percent lower than where they had traded on Tuesday." Continue reading →
China Bitcoin Crackdown Intensifies
"The People's Bank of China has issued a new ban on third-party payment processors from doing business with Bitcoin exchanges. Bitcoin prices on the yuan-traded BTC China exchange are down 34% on the news, and prices on the USD-traded Mt. Gox exchange were flirting with $700 all night. Mt. Gox prices were off 19% on the day. The latest ban is a a separate regulation from the People's Bank of China's Dec. 5 ruling barring formal financial institutions from processing Bitcoin. Rui Ma, a China-based angel investor, commented that if the crackdown continues, Chinese may only be able to purchase Bitcoins via miners or other traders." Continue reading →
China Bans Payment Companies Working With Bitcoin Exchanges?
"Sources close to China’s Central Bank today reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges. A reputable source told CoinDesk that the People’s Bank of China (PBOC) met with most of the top third-party payment companies this morning. The source said the meeting topic was unrelated to bitcoin, but digital currency became an important part of the discussion. 'PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China,' they explained." Continue reading →
China bitcoin arbitrage ends as traders work around capital controls
"The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China's capital controls. A key driver of the price gap was China's capital controls, which make it difficult for speculators to swap yuan proceeds from the sale of high-priced Chinese bitcoins into dollars. Analysts say the price convergence also reflects the rapid evolution of the bitcoin market, which began with technology enthusiasts but quickly expanded to include those with the financial know-how to evade China's strict capital controls." Continue reading →
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