Bitcoin is trading at a discount in China suggesting that it is not used as safe haven by the Chinese

China allowed its currency to weaken by more than 2% last Monday; letting it fall to its lowest point since March 2008. Chinese state-owned companies also suspended imports of U.S. agricultural products. The trade tensions continued to escalate as President Trump’s Treasury Department formally labeled China a currency manipulator.

Following the turmoil, yields on Treasuries fell to 3-year lows as investors flocked to safety.