USDT Falls Below 7 CNY on Binance, Trading at 6.99

USDT dropped below 7 Chinese yuan on Binance on Dec. 4, trading at 6.99, market data reported by BlockBeats show. USDC against the yuan stood at 6.96. The decline follows a Nov. 28 coordination meeting convened by the People's Bank of China alongside over a dozen agencies to combat virtual currency trading speculation. Attorney Xiao Sa noted the meeting primarily targets illegal currency exchange activities using stablecoins, which authorities view as severely disrupting financial order.