economy
China tees up digital payments system to compete with dollar
Beijing’s cross-border currency platform will be backed by central banks of Hong Kong, Thailand, UAE and Saudi Arabia
TL;DR
- Beijing's cross-border currency platform is being launched.
- The platform will be supported by the central banks of Hong Kong, Thailand, the UAE, and Saudi Arabia.
- This initiative could serve as a challenge to the dominance of the US dollar in international payments.