Saudi Arabia exits China-backed payment platform as Africa deepens its yuan payment links
Gulf oil powerhouse Saudi Arabia has exited a China-led digital currency platform designed to facilitate cross-border payments without relying on traditional dollar-based financial networks, even as African banks deepen their links to China’s yuan payment infrastructure.
Yuan makes inroads into Africa’s US$-dominated trade system as China-Africa trade nears $400 billion
The Chinese yuan is steadily gaining ground in Africa’s trade system as the continent’s economic ties with Beijing deepen, challenging the long-standing dominance of the U.S. dollar in select cross-border transactions.