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China moves ahead in race to broaden global money flows


China is swiftly advancing its digital yuan platform, mBridge, raising concerns among those accustomed to the US dollar-dominated global finance system. Developed by China, Thailand, Hong Kong, and the UAE in collaboration with the Switzerland-based Bank for International Settlements (BIS), the platform is expected to have a basic product ready by year-end. The mBridge aims to facilitate global money transfers without the dependency on US banks. The system could pave the way for China’s yuan to emerge as an alternative to the US dollar in settling major corporate transactions. Critics argue the new system might aid tax evasion, money laundering, and intensify geopolitical disputes. Beijing may also gain a significant advantage in digital cross-border payments through mBridge.

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