Bitcoin rises 5% as China’s yuan sinks to 11-year lows against US dollar

Asia • August 5, 2019, 1:35AM EDT
UPDATED: August 5, 2019, 7:08AM EDT
The Block

China's currency yuan (or renminbi) has plunged to 7.03 a U.S. dollar, a level not seen since March 18, 2008. The exchange rate between the two currencies has weakened by over 2%. 

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The yuan has dropped to 4,157-day lows after the People's Bank of China (PBoC), the country’s central bank, set its daily reference rate for the currency at 6.9225, the lowest rate since December.

Bitcoin’s price since then has risen by nearly 5% and is currently trading at around $11,561. 

The PBoC has reportedly fixed the reference rate as an answer to U.S. President Donald Trump’s tariffs decision. Trump has decided to levy a 10% tariff on an additional $300 billion in Chinese imports from Sept. 1.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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