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Fortune

Jason Ma

China suffers another setback in effort to de-dollarize global finance as anchor in the greenback's dominance quietly exits Beijing's payment scheme

mBridge China Beijing BIS Saudi Arabia United States SAMA Oil Deutsche Bank FT

(Credit: CFOTO/Future Publishing via Getty Images)

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.

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