I don't they're speculating. They use it to smuggle money out of the country. Spend CNY to buy bitcoin. Go overseas, spend bitcoin to buy USD. This process may

I don't they're speculating. They use it to smuggle money out of the country. Spend CNY to buy bitcoin. Go overseas, spend bitcoin to buy USD. This process may take weeks so during that they're holding hundreds of thousands of dollars of bitcoin. Why they spike in people smuggling money out? The PBOC is sending the CNY on a downwards trajectory, appearing to accelerate last week. [1][2] [1] https://www.google.com/finance?q=CNYUSD&ei=StpMV9CCLsuE0gSp27joDw https://www.google.com/finance?q=CNYUSD&ei=StpMV9CCLsuE0gSp2... [2] http://business.inquirer.net/210705/china-fixes-yuan-at-over-five-year-low-against-dollar http://business.inquirer.net/210705/china-fixes-yuan-at-over...