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China’s digital yuan has scored Taiwan its first bond offering, which will be issued by a Taiwanese bank. According to China Banking News, China Merchants Group and the Industrial Bank of Taiwan have jointly issued a yuan-denominated bond worth 2.5 billion Chinese yuan ($371 million). The sale marks the first time a Chinese digital currency has been used to fund a transaction involving a Taiwanese bank. The proceeds from the bond offering will be used to finance mergers and acquisitions by China Merchants Group. The Industrial Bank of Taiwan is the sole underwriter of the issue. The report noted that the transaction is a sign of increasing cooperation between Taiwan and China’s financial industries. It also serves as a sign of progress in the development of China’s digital yuan, which is expected to be officially rolled out in the near future.