The inverse correlation between BTC and yuan increases over time. This may indicate that the Chinese are increasingly considering BTC as a protective asset, according to Bloomberg.
Reverse interdependence peaked at the end of August.
According to Garrick Hileman, researcher at the London School of Economics and head of research at Blockchain.com, this trend became apparent back in April-May, when the trade confrontation between the United States and China was gradually gaining momentum.
He noted that when the yuan fell, people in Asia paid more for bitcoin than anyone else. This can be seen at the overpriced Huobi, which serves mainly Chinese people.
Yuan devaluations contribute to a slowdown in the Chinese economy, a trade war with the United States and easing monetary policy.