Bitcoin CNY premium over USD, Capital control explained.

China doesn't have a capital control problem. It is all western media bullshit. Look at China's recent monetary policy. Just yesterday, they allowed individuals in Shanghai to exchange RMB for foreign assets. They are freeing up capital control, not tightening it. CNY to USD recently appreciated by 0.6% in trading. Their objective? Spread CNY to the rest of the world, become the dominate currency in Asia and join the IMF. [Source]

Another thing about CNY premium over USD is that CNY in the past has surged faster than USD could catch up, multiple times, also 20-30 dollars! I can only speculate about the reasons here, but Chinese banking is very fast. Transferring between traditional banks to any local financial firms take minutes. Over in the US, you have to wire money, they have to process the wire. Or if you use ACH, you aren't guaranteed that money until like 6 days. I just used coinbase's ACH, 6 days of waiting before I can use my cash. Hence, money moves fast in China and they can discount the price faster than US can.

Another reason why chinese could place a huge premium is that the Asian culture loves gambling and they FOMO hard. Their version of Las Vegas, Macau, generates 4x the revenue. If you look at the Shanghai composit index, you can clearly see a trend of FOMO in this recent bubble crash and the previous bubble 6-7 years ago. Its straight up vertifcal for an extended period of time. I am talking about the entire stock market.

There you have it, my objective look on this premium stuff and the difference between China's view on capital control and what the western world believe in. The fastest way to get USD in China is to go to Macau and pay a 3% fee to convert CNY into USD to hong kong. Then you can do whatever you want. Imagine the capital control policy in China like a guideline. You kind of have to follow it until you don't. Similarly, US taxes for big corporations is like a guideline, but who doesn't use Double Irish Dutch Sandwich?