China first uses CBDC in stock-market settlements

An investment firm, Soochow Securities, has integrated in its mobile app the ability to make payments in e-CNY. This marks the first in-country use of CBDC in the securities market, according to China Securities Journal.

Clients can pay for the firm’s wealth-management products and advisory services in the digital yuan. The feature was implemented in cooperation with the Bank of China.

Soochow Securities plans to widen the range of use cases for the digital yuan in collaboration with authorities and the financial sector.

A week earlier, the People's Bank of China announced the inclusion of the CBDC in the monetary base. As of year-end, there were 13.62 billion e-CNY (~$2 billion), which was equivalent to 0.13% of the total.

Earlier, a former PBoC analyst said there was low interest in the digital yuan in the country.

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