China finds a new Gulf partner for its digital yuan push after losing Saudi Arabia

China unveiled a CBDC cooperation and a 30 billion yuan currency swap memorandum of understanding (MoU) with Oman. The deals reopen inroads for Beijing’s digital yuan to penetrate into the Gulf region as the world’s second largest economy moves on roughly six weeks after news broke that Saudi Arabia had exited its flagship mBridge settlement platform. What deals did China sign with Oman? China and Oman signed multiple deals at a Beijing meeting between Oman’s Central Bank Governor Ahmed bin Jaafar Al Musalmi and People’s Bank of China (PBOC) Governor Pan Gongsheng. One of the deals was a swap arrangement based on the Chinese yuan and Omani rial. They also signed a separate MoU to strengthen digital payment and legal digital currency cooperation between both countries.

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