China’s digital yuan used in securities trade for the first time
See related article: China digital currency transaction volume soars to nearly US$14B
Soochow Securities, a Chinese securities firm, enabled e-CNY payments on its mobile application on Monday, marking the first use case of the central bank digital currency in securities market trade, according to state-backed finance outlet China Securities Journal.
Soochow Securities’ e-CNY payment function, which was launched in cooperation with the Bank of China, allows investors to purchase wealth management products with the digital yuan.
The People’s Bank of China (PBOC), the central bank, included the e-CNY in its M0 calculations — the total currency in circulation including bank reserves — from the end of 2022.
There were about 13.61 billion yuan (US$2 billion) of e-CNY in circulation across pilot cities at the end of last year, which represented around 0.13% of the M0 supply at the time, the PBOC said on Jan. 11.
See related article: China’s digital yuan needs WeChat, Alipay to boost adoption, experts say
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