Chinese banking giant withdraws $3B blockchain bond from listing
The $3 billion blockchain bond has been effectively cancelled. China Construction Bank’s $3 billion blockchain bond has been reportedly withdrawn following an initial delay.Fusang Exchange, a Malaysian cryptocurrency exchange that was to be responsible for listing the bond, said that it has been withdrawn at the issuer’s request.According to Reuters on Nov. 23, CCB’s branch in Labuan informed Fusang Exchange on Nov. 20 that the bond issuance would not proceed.The blockchain-based bond was to be issued by Longbond Ltd, a special purpose platform designed solely to issue digital bonds and....
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The "Big Four" Chinese bank has suspended the listing of a $3 billion bond issuance that was intended to be tradable for bitcoin and U.S. dollars.
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To put this into perspective, the 10-year Chinese Treasury bond future crashed by 2%. The Chinese government has made yet another decision that makes their economy look weaker. Trading in bond future sis no longer possible every since the market crashed in spectacular fashion. It only took the market a few hours to wipe out all bonds market gains made in the past 18 months. China has a volatile market, and it looks like things go from bad to worse. It was not entirely unexpected the Chinese bonds market would collapse sooner or later. The PBOC has been making very strange decisions as of....