Bitcoin-RMB exchange rate hits 2-year and 4-month high

The virtual currency Bitcoin is rapidly appreciating. On June 13 , the Bitcoin exchange rate against the RMB reached 4,790.5 yuan per Bitcoin on the Chinese Bitcoin exchange Bitcoin China (BTCC) , approaching the 4,800 yuan mark. This is the highest value in two years and four months since February 2014 .

On the British Bitcoin exchange " BITSTAMP ", the exchange rate of Bitcoin against the US dollar reached 690-700 US dollars, also setting a record high since February 2014. The exchange rate against the Japanese yen also soared sharply. On the Japanese Bitcoin exchange " bitFlyer ", 1 Bitcoin was exchanged for more than 74,000 yen. Due to concerns about Britain's withdrawal from the European Union (EU) and the Chinese economy, investors have been buying virtual currencies without border restrictions in order to avoid risks. In the foreign exchange market, the demand for buying the Japanese yen, which has a lower risk of price fluctuations, has increased, but investors' momentum in buying Bitcoin is more obvious than that of the Japanese yen.

Speculations that mining will decrease from July and expectations of a depreciation of the renminbi, which accounts for the largest share of the currency types traded in Bitcoin, also have an impact on the appreciation of Bitcoin. In late May , after the People's Bank of China ( PBOC ) set the RMB exchange rate against the US dollar at its lowest level in five years, investors began to buy a large number of Bitcoins and sell the RMB. Since then, the exchange rate of Bitcoin against the RMB has risen by nearly 50% .