China's digital yuan has achieved another milestone by successfully issuing e-CNY bonds in Taiwan. Xiamen Xiangyu Group, a mainland Chinese financial firm that operates in Taiwan, launched the ultra-short-term financing bond, making it the country's first cross-strait integrated digital yuan bond with the largest issuance scale to date. The funds raised were collected in the issuer's digital yuan wallet, and a portion of the funds were used by the firm's Taiwan arm. The bond issuance was exclusively underwritten by Industrial Bank, a majority Chinese state-owned bank based in Fujian Province. This development showcases the digital yuan's potential and its application scenarios. Previously, the digital yuan's cross-border capabilities were primarily tested in regions like Hong Kong and Macau, but Chinese banks and trading firms are now expanding their reach in other East Asian locations, exploring Belt and Road Initiative CBDC adoption and establishing partnerships in Singapore.
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