Chinese investors are exiting the yuan for other assets. Cryptocurrency industry veterans say Chinese investors are trying to exchange the yuan for other assets, like dollars and bitcoin, because they think the yuan will continue to drop. Some fear President Xi Jinping will devalue the currency significantly to keep Chinese goods price-competitive for U.S. buyers despite tariffs. Philippe Bekhazi, CEO of XBTO, a New York crypto trading firm that a source says trades more than $1 billion a month, shares Wan's sentiment. “You don’t have a reputable, 24-hours, 7-day-a-week operation in China.” Chapman estimates that up to 20% of global crypto trading volume originates in China.

Source: Forbes May 15, 2019 21:45 UTC