Saudi central bank exits China-led cross-border currency platform

Saudi Arabia's central bank withdrew from a China-led cross-border currency settlement program last year, a move that signals a slowdown in Beijing's efforts to build an alternative to the dollar-based system. The exit, reported by the Financial Times, is a notable reversal for Saudi-China financial cooperation and may reflect Riyadh's recalibration of its economic ties amid US pressure. The implications for de-dollarization momentum are uncertain, but the move suggests limits to China's currency internationalization push.