Tuesday 27 December 2016

Yuan. The Heat Is On

Is the 1984 hit from Glenn Frey, of the eagles, taken from the album the allnighter.

China is bracing for an allnighter on January 1 2017, when the heat is on the Yuan, which could spark yet another rally on Bitcoin, this year's best performing currency. Bloomberg has the story. Read below :

The first day of 2017 is when an annual $50,000 quota to convert the yuan into foreign exchange resets, stoking concern there will be a rush to sell the local currency. With tax payments and a regulatory assessment also tightening liquidity in the money market toward year-end, January may bring scant relief as lenders prepare for stronger cash demand before Lunar New Year holidays, which are only a month away.