The People 's Bank of China launched spot checks on stock exchanges BTCC , Huobi and OKCoin , looking for rule violations including market manipulation , money laundering and unauthorised financing ; it was not said whether any were identified . Nevertheless , the price of shares fell more than 6 % against the dollar in response to news of the investigation , and pressure on potential capital outflows increased . On China's Huobi exchange, the price slid more than 16 percent to 5,313 yuan CNY Since the market lost more than 6.5 % against the dollar last year some believe the soaring price of bitcoin has presented Chinese investors with the opportunity to hedge against the yuan and avoid forex limits .
The People 's Bank of China launched spot checks on stock exchanges BTCC , Huobi and OKCoin , looking for rule violations including market manipulation , money laundering and unauthorised financing ; it was not said whether any were identified . Nevertheless , the price of shares fell more than 6 % against the dollar in response to news of the investigation , and pressure on potential capital outflows increased . Since the market lost more than 6.5 % against the dollar last year some believe the soaring price of bitcoin has presented Chinese investors with the opportunity to hedge against the yuan and avoid forex limits .