Chinese direct drives bitcoin to 10-week high as yuan hits six-year low

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By Jemima Kelly

LONDON Oct 11 The cost of web-based digital
currency bitcoin jumped to a 10-week high on Tuesday,
as worries about a serve weakening of a yuan gathering increased
demand from China.

The Chinese banking strike a six-year low of 6.72 yuan per
dollar on Tuesday — a initial day of trade following a
week-long holiday — after a executive bank set a weaker
guidance rate, fuelling marketplace expectations that it might allow
further depreciation.

State-owned Chinese banks leapt to urge a 6.7 turn when
it was breached in mid-July though have not been seen shopping yuan
heavily so distant this week, adding to questions over either China
was permitting a banking to resume a descent, after steadying
it by most of a summer forward of vital domestic events.

Bitcoin is a web-based “cryptocurrency” that can pierce money
across a creation fast and anonymously with no need for a
central authority. That creates it appealing to those wanting to
get around collateral controls, such as China’s.

Around 95 percent of all bitcoin trade is finished via


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