China suffers another setback in effort to de-dollarize global finance as anchor in the greenback’s dominance quietly exits Beijing’s payment scheme
Saudi Arabia quietly dropped out of China’s mBridge digital payment platform, which Beijing has touted as an alternative to the dollar-dominated SWIFT system, according to the Financial Times. China launched mBridge in 2021, enabling central banks to use digital currencies to carry out transactions directly via blockchain technology. China, Hong Kong, Thailand, the United Arab Emirates…