China is advancing a cross-border digital payments platform designed to settle transactions outside dollar-based rails. The system is set to be supported by the central banks of Hong Kong, Thailand, the UAE and Saudi Arabia.
10:24 PMFinancial Times1 story from 1 source
Saturday, June 13, 2026
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10:24 PMFinancial Times
China tees up digital payments system to compete with dollar
Summary
China is advancing a cross-border digital payments platform designed to settle transactions outside dollar-based rails. The system is set to be supported by the central banks of Hong Kong, Thailand, the UAE and Saudi Arabia.
Why it matters
A credible alternative payments rail can gradually reduce dollar dependence in trade settlement and reshape fintech infrastructure across key emerging-market corridors.
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