China tees up digital payments system to compete with dollar

🇨🇳 Financial Times (CN) —

AI Summary

China is developing a digital payments system designed for cross-border currency transactions, involving central banks from Hong Kong, Thailand, UAE, and Saudi Arabia. This platform aims to rival the dominance of the US dollar in international trade settlements.

Beijing’s cross-border currency platform will be backed by central banks of Hong Kong, Thailand, UAE and Saudi Arabia

World Politics Markets Deals AI & Tech digital payments cross-border currency central banks China financial technology US dollar rival

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