USDT Dips Below 7 CNY on Binance as China Reaffirms Stablecoin Crackdown After 1128 Meeting

USDT/CNY on Binance slid to 6.99, dipping below the 7.00 mark, while USDC/CNY traded near 6.96, according to latest market data released on December 4.

The 1128 Meeting, convened on November 28, was led by the People’s Bank of China with participation from more than ten departments to tackle alleged speculative activity in crypto markets and its use in foreign exchange flows.

Legal analyst Xiao Sa described the briefing as a reaffirmation of prior policy, with the focal point on curbing illicit foreign exchange through stablecoins, a risk to financial order.

Looking ahead, the regulatory stance could influence onshore liquidity and stablecoin adoption, potentially altering crypto-trading dynamics for Chinese platforms while delivering clearer compliance expectations for market participants.