隨著比特幣（BTC）多頭市場的到來，人民幣崩盤擴大，接近四年低點

新的一年並沒有為中國資產帶來任何緩解，中國資產在崩潰中繼續下跌，這可能會進一步推動正在進行的比特幣牛市。

Chinese assets showed no sign of recovery early Tuesday as the selloff in stocks and the yuan continued, a trend that could further fuel the ongoing bull run in bitcoin (BTC).

週二早些時候，隨著股市和人民幣的拋售繼續，中國資產沒有顯示出復甦的跡象，這一趨勢可能進一步推動比特幣（BTC）持續的牛市。

The yuan fell to 3.22 per U.S. dollar at one point, reaching the lowest level since September 2023, data source TradingView showed. The unit dropped 0.4% this month, extending a three-month losing trend despite attempts by the People's Bank of China to calm investor nerves about impending U.S. tariffs under President-elect Donald Trump's administration.

數據來源TradingView顯示，人民幣兌美元一度跌至3.22，創2023年9月以來最低。儘管中國人民銀行試圖安撫投資者對當選總統唐納德·川普政府即將徵收關稅的緊張情緒，但該股本月仍下跌 0.4%，延續了三個月的下跌趨勢。

The blue-chip CSI 300 index for mainland China's stock exchanges fell to the lowest since September on Monday. The ChiNEXT Index, a so-called risk barometer tracking the performance of innovative and high-growth SMEs in China, has dropped 8% since Dec. 31, charting platform TradingView showed.

中國大陸股市藍籌滬深300指數週一跌至9月以來的最低水準。圖表平台TradingView顯示，ChiNEXT指數是追蹤中國創新和高成長中小企業表現的所謂風險晴雨表，自12月31日以來已下跌8%。

Finally, the yield on the 10-year Chinese government bond fell to 1.6%, a decline of 100 basis points from a year ago. The ongoing drop contrasts sharply with the rising yields in advanced economies, including the U.S., and reflects growing concerns over worsening deflation.

最終，10年期中國公債殖利率跌至1.6%，較去年同期下降100個基點。持續的下降與包括美國在內的已開發經濟體收益率的上升形成鮮明對比，並反映出人們對通貨緊縮惡化的擔憂日益加劇。

All of this is likely to trigger capital flight from the country, potentially boosting demand for alternative investments such as bitcoin, LondonCryptoClub said.

LondonCryptoClub 表示，所有這些都可能引發該國的資本外逃，從而可能增加對比特幣等另類投資的需求。

"China appears to be letting the currency slide and no longer defending it, allowing the peg to crawl if not an outright devaluation. This will accelerate capital outflows from China, which we’re seeing with Chinese stocks under pressure. Bitcoin will be an obvious destination for some of those flows, especially with capital controls in place making it difficult to get capital out of China via traditional channels," the founders of the LondonCryptoClub told CoinDesk.

「中國似乎正在任由貨幣下滑，不再捍衛它，即使不是徹底貶值，也允許人民幣匯率緩慢爬行。這將加速資本從中國流出，我們看到中國股市面臨壓力。比特幣將是一個明顯的選擇LondonCryptoClub 的創辦人告訴CoinDesk，其中一些資金流的目的地，特別是在資本管製到位的情況下，很難透過傳統管道將資本撤出中國。

"When China devalued in 2015, Bitcoin promptly traded over 3x higher," the founders added.

「2015 年中國貶值時，比特幣的交易價格立即上漲了 3 倍多，」創辦人補充道。

Notably, the PBOC has relied solely on its daily fix and other liquidity measures to arrest the slide in the yuan rather than on outright intervention, which can become a headwind for crypto.

值得注意的是，中國人民銀行僅依靠每日固定匯率和其他流動性措施來阻止人民幣貶值，而不是直接幹預，這可能成為加密貨幣的阻力。

On Monday, the PBOC set the daily reference rate stronger than the widely-watched 7.20 per USD in a bid to temper bearish CNY expectations. The daily fix has been the central bank's preferred tool in managing market expectations and has held consistently stronger than 7.20 per USD since Trump's victory in the U.S. election in early November.

週一，中國人民銀行將每日參考利率設定為高於廣受關注的 7.20 美元兌美元，以緩和人民幣的看跌預期。每日中間價一直是央行管理市場預期的首選工具，自川普 11 月初在美國大選中獲勝以來，美元兌美元匯率一直維持在 7.20 以上。

Meanwhile, the PBOC has also taken steps to tighten liquidity in the offshore (Hong Kong) market to support the yuan, as evidenced by a spike in the offshore yuan's overnight interbank interest rate in Hong Kong, which rose to 8.1%, the highest since June 2021.

同時，中國人民銀行也採取措施收緊離岸（香港）市場的流動性以支持人民幣，香港離岸人民幣隔夜銀行同業拆息率飆升至8.1%，為自2007年以來的最高水準。 6 月。

That said, BTC bulls need to keep an eye out for a potential outright intervention involving the sale of dollars to prop up the yuan, as that could boost the dollar index, capping the upside in the greenback-denominated assets like BTC.

也就是說，BTC 多頭需要密切關注涉及出售美元以支撐人民幣的潛在徹底幹預，因為這可能會提振美元指數，從而限制 BTC 等以美元計價的資產的上漲空間。

Whenever the PBOC sells the dollar to shore up the yuan, it concurrently buys the greenback against other currencies to keep the proportion of the USD in reserves stable. The process, thus, causes financial tightening through the FX channel.

每當中國人民銀行拋售美元支撐人民幣時，就會同時買入美元兌其他貨幣，以維持美元在外匯存底的比例穩定。因此，這個過程會透過外匯管道導致金融緊縮。

The dollar index has already surged from roughly 100 to 108 in just over three months, largely tracking the uptick in the Treasury yields. Further strength could zap investor appetite for riskier assets.

在短短三個多月的時間裡，美元指數已經從大約 100 飆升至 108，主要跟隨美國公債殖利率的上漲。進一步走強可能會削弱投資者對風險資產的興趣。