CandleFocus China’s $142 Billion Fiscal Aid May Trigger Bitcoin Bull Run
2024-09-26
Author: Content Editor
China is reportedly considering injecting one trillion yuan ($142 billion) into its largest banks to stimulate economic growth as the country faces weaker economic performance. The funding would come from new sovereign bonds, marking the first time such a large sum has been injected into banks since the 2008 global financial crisis. The move is seen as a type of stimulus that could stabilize the banks and increase their lending capacity, benefiting risk-on assets like Bitcoin. While China has had a ban on cryptocurrencies since 2013, there is growing evidence of Chinese traders investing in Bitcoin through over-the-counter brokers despite the restrictions.
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