Repercussions from China’s move to hit big fintech where it hurts appear to have only just begun.
On November 13, a branch of China Construction Bank (CCB) in the Malaysian offshore financial centre of Labuan, cancelled a $3 billion print of digital bonds, minutes before they were set to go live on the virtual Fusang Exchange.
Radio silence ensued for eight days, before Fusang issued a statement saying that CCB, the world’s second-largest lender by assets, had “decided not to proceed” with the plan.
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