China’s Yuan Faces New Wave of Selling Pressure… Calls Bitcoin an “Investment Alternative” After Cracking Down on It in 2017

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(Bloomberg) –Having rebounded from its worst month since 2019, China’s yuan is facing a new wave of selling pressure as hundreds of companies prepare to exchange the currency to pay dividends.Chinese firms listed in Hong Kong are expected to pay nearly $68 billion in dividends this year, which would be nearly 17% higher than 2020’s amount. That means they’ll step up swapping the yuan for the city’s dollars in coming months.This comes after the yuan rebounded about 0.4% from March’s 1.3% drop, when risk assets were sold off due to a spike in Treasury yields. The payout season, which …

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BOAO, China — China’s central bank is now calling bitcoin an “investment alternative” — marking a significant shift in Beijing’s tone after a crackdown on cryptocurrency issuance and trading nearly four years ago.Industry insiders called the comments “progressive” and are watching closely for any regulatory changes made by the People’s Bank of China (PBOC).“We regard Bitcoin and stablecoin as crypto assets … These are investment alternatives,” Li Bo, deputy governor of the PBOC, said on Sunday during a panel hosted by CNBC at the Boao Forum for Asia.“They are not currency per se. And so the main role we see …

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