Yuan Reaches Eight-Year Low as Bitcoin Smashes US$735 Wall

Investors flocking to Bitcoin explains the recent price increase of the popular cryptocurrency. In fact, it appears Chinese investors are driving the price up even further.
Things are not looking all that great for the Yuan right now. After reaching an eight-year low overnight, investors are growing concerned about this fiat currency. Chinese banks slashed their forecasts for the exchange rate as well. A looming Federal Reserve interest rate hike is driving the Yuan down, and further lows are on the horizon.
Anyone holding a portfolio containing Yuan will be more than concerned right now. With a plummeting value, things are not looking all that great. Overnight, the Yuan reached its lowest point since December 2008, and further declines are expected. At the same time, the US Dollar continues its bullish run throughout 2016.

This post was published at NewsBTC on November 16, 2016.