Four years ago, the Bank for International Settlements (BIS) — the central bankers’ central bank — unveiled an innovation project that carried the ugly moniker “mBridge”.
This aimed to create a cross-border central bank digital currency linking the central banks of China, Hong Kong, Thailand, UAE and (latterly) Saudi Arabia.
You might think this is arcane. If so, think again: the geeky project symbolises a bigger battle that could matter deeply under US President Donald Trump.
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