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China tees up digital payments system to compete with dollar
By Joe Leahy and Cheng Leng
Financial Times, London
Saturday, June 13, 2026
China is getting ready for the commercial rollout of a digital currency programme that could reshape cross-border transactions, reduce reliance on the dollar and draw Beijing closer to its “Belt and Road” trading partners.
The Beijing-led platform, known as mBridge, is backed by the central banks of mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia. A Hong Kong-based entity will be set up to oversee its operations, people familiar with the matter said.
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They did not reveal the exact date of the commercial launch but said preparations were advanced and that fees would be half those of conventional international payment systems. Smaller businesses that found international payment systems, such as Swift, expensive and difficult were expected to use mBridge, they said.
China’s drive to widen global use of its currency has been boosted by the Iran war, with adoption of Beijing’s more conventional renminbi cross-border clearing and payments system (Cips) — its version of Swift — surging since the conflict erupted. The mBridge platform is a separate and complementary system, designed to bolster the use of digital renminbi.
The project also comes as other regional payment systems gain traction. Initiatives such as the European Central Bank’s Sepa, as well as private-sector efforts such as Ant Group’s cross-border QR code network, are also targeting faster, lower-cost transactions, particularly for smaller, real-time payments done by tourists. ...
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https://www.ft.com/content/76de5ca6-9ae8-49ae-a0cb-64d09040f327?syn-25a6b1a6=1
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