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Economy

Chinese central bank probes bitcoin exchanges

Value of virtual currency down 40% in largest market

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A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris.   © Reuters

SHANGHAI -- Bitcoin prices are tumbling in China, dragged down by the central bank's move to stem speculative trading and capital outflows.

Many market watchers say an uptick in prices is unlikely, as the decline in China, which accounts for more than 90% of the world's bitcoin trading, is inevitable.

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