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FT: Saudis Quit mBridge as BRICS Start to Fray
Authored by GoldFix ; Transcribed excerpts from the podcast
?There is a new story out from the Financial Times. It is being treated as fresh news, but ultimately it is not anything surprising.
Editorial comment up front: ultimately this is in part an article using news that is over a year old; perhaps in reference to the upcoming Xi/Trump negotiations.
But let's get to the facts which are very important and somewhat truncated in the FT story
Saudi Arabia has withdrawn from the now famous, or infamous, mBridge project. It is characterized as the "China-led central bank digital currency platform" designed to make cross-border payments faster, cheaper, and less reliant on the dollar.
Let me correct that characterization.
It is China-led, but mBridge is essentially a BRICS project. The pure China-led project is CIPS, China's Cross-Border Interbank Payment System. mBridge is a joint project involving other countries. China led it, but China is not the only player in it.