Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

PBoC launches spot checks on major bitcoin exchanges

The People's Bank of China (PBOC) said on Wednesday that it has launched spot checks on major bitcoin exchanges in Beijing and Shanghai, including BTCC, Huobi and OKCoin. The central bank said the reason behind the move was to rule out possible violations, including market manipulation, money laundering and unauthorized financing.

"The checks focused on whether the firm was operating out of its business scope, whether it was launching unauthorized financing, payment, forex business or other related businesses, whether it was involved in market manipulation, anti-money laundering or (carried) fund security risks," PBOC said.

Authorities in China have been ramping up efforts to stop capital outflows and relieve pressure on the yuan to depreciate. Aggressive efforts were seen in the opening days of the new year to steady the currency to quash speculation that it was on a one-way depreciation trend. CNY has lost more than 6.5 percent against the U.S. dollar last year.

Today's move has majorly impacted price of the cryptocurrency which slumped by more than 6 percent. China’s yuan was however, little changed against the US dollar as traders and investors awaited a news conference by US President-elect Donald Trump later in the day for clues on his policies on spending, global trade and currencies.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2018-04-24 00:45:23
0m

April 23 22:45 UTC Released

NZExt Migration & Visitors

Actual

13 %

Forecast

Previous

11.4 %

April 23 22:45 UTC Released

NZPerm/Long-Term Migration

Actual

5480

Forecast

Previous

4970

January 31 00:00 UTC 119590119590m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 119590119590m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 131410131410m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 119590119590m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 131410131410m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 119590119590m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 119590119590m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 119590119590m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.