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. Fast facts See related article: […]

By Tom Zuo2023-01-17 6:10 AM UTC

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

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.

Fast facts

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.