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Market Chatter: China to Launch Digital Payment Platform

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China is preparing to launch its mBridge digital currency platform, which could reduce Beijing's reliance on the dollar and connect its Belt and Road partners, the Financial Times reported Monday, citing people familiar with the matter.

An entity based in Hong Kong will supervise the platform's operations, backed by the central banks of China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia, according to the newspaper.

Preparations are still underway, but there is still no exact launch date, the FT said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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