I agree. You can have both if people are fleeing out of cash. Look at crypto currencies. The Ruble is up versus dollar, bond yields are down, stock prices are up nominally. The yields and stocks can be where they are if you know that people are fleeing the dollar. I disagree this time with Greg both can occur at same time. We are in new territory normal rules may not apply in this situation.
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My understanding is that a large part of the money fleeing into cryptocurrencies, especially Bitcoin, is the Chinese trying to get their cash out of China before it is too late since the Chinese government is restricting the flow of the yuan out of China. I don't understand why they are restricting the flow?
I know that the Chinese are having money laundering issues. It is one reason for elevated housing prices in places like Vancouver B.C. They are hiding the money by parking it in housing. Then Canada started increasing the tax on foreign purchases of housing. They did this in an attempt to deflate the price increases. So they want to park their money somewhere so it started working itself into crypto.