China’s currency has started falling again. The last major depreciation of the Chinese renminbi began in the second half of 2015, triggered by a surge in capital outflows. Despite repeated interventions by the People’s Bank of China (PBOC), markets remained frenzied for more than a year. The currency’s value fell to nearly CN¥7 per United States (US) dollar, before stabilizing in early 2017.The latest decline has been even sharper.

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the 150 billion dollars cryptocurrency market after the country outlawed initial coin offerings last week.The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private.