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It's a good theory until you realize that they had tons of RMB on the actual exchange UNTIL the banking ban.
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What's your source?
Chinese can play for another month as far as I understood.

That's the order book , it is not equal to the amount of money on that exchange.
Theoretically , they could still have more money right now than ever , if no one withdrew and since they sold all those bitcoins

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Although i doubt that anyone will still keep their money on an exchanger following the news.