Digital Yuan wealth management options expanded by Chinese banks.

Chinese banks will allow their customers to pay for more wealth management products using the digital yuan, which is the nation’s central bank digital currency (CBDC). This currency is continuing to expand its reach.

According to the Chinese media outlet Financial Report Network (via Stockstar), the state-owned China Construction Bank (CCB) has partnered with China International Capital Corporation and the securities firms Orient Securities and Guotai Junan Securities.

The CICC is a partially state-owned investment management and financial services provider.

The financial firms will launch services that allow bank customers to use their personal digital yuan wallets as a bridge. They will be able to use CBDC wallets to connect CBDC holdings with securities accounts.

This means that CCB customers will soon be able to choose the digital yuan as a payment option in securities apps when buying securities. Traders will also be allowed to receive digital yuan payments when they sell stocks.

The securities firms also provide paywalled research data, securities news services, and reports, all of which will now be available for digital yuan-paying customers. The deal will also allow the firms to create tri-party (aka tripartite) custody agreements with the digital yuan.

These agreements involve funds that appoint custodians to hold securities and fiat on behalf of their investors.

Chinese Banks Launch CBDC Wealth Management Products – More to Come?

The CCB said it would continue to leverage its rich experience in the fields of digital yuan research and development. It pledged to continue exploring and promoting the application and innovation of the CBDC in new scenarios.

Last month, the China Securities Regulatory Commission, the nation’s markets regulator, said it would allow domestic securities operators to provide digital yuan securities offerings. Additionally, in May, the commission granted approval to the securities provider China Galaxy to launch a pilot for a digital yuan-powered over-the-counter wealth management product. China Galaxy has partnered with the Industrial and Commercial Bank of China, which is another of China’s state-owned megabanks.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


New name HTX raises eyebrows in Huobi community

Huobi is excitedly marking its impressive 10th anniversary by embarking on a bold marketing campaign – a rebranding i...


EigenLayer Emerges as a DeFi Powerhouse with $4.3 Billion Inflows

The amount of capital invested in restaking protocols has skyrocketed to $10 billion, far surpassing its previous val...


Kelp DAO Introduces KEP Token, Making Ethereum Restaking More Liquid

Kelp DAO's latest development, the KEP token, is set to enhance liquidity for EigenLayer Points, providing valuable o...


Poloniex Hack Reveals the Hilarity and Horror of Crypto Exchanges

Investor Justin Sun of Poloniex has confirmed an exploit and has taken action to reimburse affected users. He has als...


Justin Sun's platform, Poloniex, was hacked for over $100 million. The hackers then bought TRX, causing its price to skyrocket.

Poloniex lost over 114 million USD to a hacker attack, with the hacker using the stolen funds to purchase TRX, causin...


AltSignals outlook amidst Huobi insolvency rumors and crypto market slowdown.

Justin Sun, the visionary founder of TRON, has boldly refuted any unfounded rumors surrounding Huobi's financial stab...