Analysis: The appreciation of the RMB may support the price trend of Bitcoin

According to an analysis by CoinDesk Japan, the Chinese yuan has recently appreciated to 7.043 yuan per dollar, reaching a new high since October. The increase this quarter is about 1%, rising 4% from the low in April. Analysts believe that the appreciation of the yuan may indirectly benefit Bitcoin through macroeconomic factors and the foreign exchange market.

The strengthening of the yuan may prompt China to implement economic stimulus policies, alleviating inflationary pressures while pushing the dollar index lower. A weaker dollar typically increases the demand for dollar-denominated assets like Bitcoin. In the coming weeks, whether the appreciation of the yuan and its related policies can support Bitcoin will become a focal point for the market.