随着比特币（BTC）牛市的到来，人民币崩盘扩大，接近四年低点

新的一年并没有给中国资产带来任何缓解，中国资产在崩溃中继续下跌，这可能会进一步推动正在进行的比特币牛市。

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).

周二早些时候，随着股市和人民币的抛售继续，中国资产没有显示出复苏的迹象，这一趋势可能进一步推动比特币（BTC）持续的牛市。

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.

数据来源TradingView显示，人民币兑美元一度跌至3.22，创2023年9月以来最低水平。尽管中国人民银行试图安抚投资者对当选总统唐纳德·特朗普政府即将征收关税的紧张情绪，但该股本月仍下跌 0.4%，延续了三个月的下跌趋势。

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.

中国大陆股市蓝筹股沪深300指数周一跌至9月以来的最低水平。图表平台TradingView显示，ChiNEXT指数是追踪中国创新和高增长中小企业表现的所谓风险晴雨表，自12月31日以来已下跌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.

最终，10年期中国国债收益率跌至1.6%，较去年同期下降100个基点。持续的下降与包括美国在内的发达经济体收益率的上升形成鲜明对比，并反映出人们对通货紧缩恶化的担忧日益加剧。

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，所有这些都可能引发该国的资本外逃，从而可能增加对比特币等另类投资的需求。

"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.

“中国似乎正在任由货币下滑，不再捍卫它，即使不是彻底贬值，也允许人民币汇率缓慢爬行。这将加速资本从中国流出，我们看到中国股市面临压力。比特币将是一个明显的选择LondonCryptoClub 的创始人告诉 CoinDesk，其中一些资金流的目的地，特别是在资本管制到位的情况下，很难通过传统渠道将资本撤出中国。

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

“2015 年中国贬值时，比特币的交易价格立即上涨了 3 倍多，”创始人补充道。

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，中国人民银行仅依靠每日固定汇率和其他流动性措施来阻止人民币贬值，而不是直接干预，这可能成为加密货币的阻力。

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.

周一，中国人民银行将每日参考利率设定为高于广受关注的 7.20 美元兑美元，以缓和人民币的看跌预期。每日中间价一直是央行管理市场预期的首选工具，自特朗普 11 月初在美国大选中获胜以来，美元兑美元汇率一直保持在 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.

与此同时，中国人民银行还采取措施收紧离岸（香港）市场的流动性以支持人民币，香港离岸人民币隔夜银行同业拆息率飙升至8.1%，为自2007年以来的最高水平。 2021 年 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.

也就是说，BTC 多头需要密切关注涉及出售美元以支撑人民币的潜在彻底干预，因为这可能会提振美元指数，从而限制 BTC 等以美元计价的资产的上涨空间。

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.

每当中国人民银行抛售美元以支撑人民币时，就会同时买入美元兑其他货币，以保持美元在外汇储备中的比例稳定。因此，这一过程会通过外汇渠道导致金融紧缩。

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.

在短短三个多月的时间里，美元指数已经从大约 100 飙升至 108，主要跟随美国国债收益率的上涨。进一步走强可能会削弱投资者对风险资产的兴趣。