𝕏xCN BusinessFinance first seen 5 h ago, last 5 h ago, peak #6
Saudi Arabia exits China-led cross-border currency platform
Original: Saudi Arabia quits China-led cross-border currency platform
Saudi Arabia has withdrawn from a China-led cross-border currency platform, according to the Financial Times. The move signals a pullback from Beijing's efforts to build alternatives to dollar-based international payments, and is being read as Riyadh keeping its options open with Washington amid ongoing economic and security ties. Observers see it as a setback for de-dollarisation efforts.
Why now: It suggests limits to China's push to internationalise its currency and reshape global payment systems.
Evidence
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