Gulf Cooperation Council Secretary-General Jasem Al-Budaiwi called for concrete progress in cross-border banking cooperation between the GCC and China. The remarks were made during a Bangkok meeting between GCC central bank governors and People's Bank of China Governor Pan Gongsheng. The discussions aimed at linking financial markets, supporting trade facilitation, and maintaining monetary stability.
A report by ForkLog details how central bank digital currencies and digital rails are transforming cross-border trade settlements between China and the UAE. According to cited Atlantic Council data, the multilateral mBridge platform has processed over 4,000 transactions totaling $55.5 billion, with roughly 95% settled in e-CNY. Furthermore, CNPC and Bank of China established a Macau-UAE settlement corridor, and China's CBETS cross-border system connected participants across the UAE and Qatar.
Emerging gold-producing countries across Asia are increasingly retaining domestic gold production through local refining, export duties, and central bank purchases rather than exporting raw ore to Western financial hubs. The trend is driven by efforts to protect sovereign reserves against foreign asset freezes and to reduce reliance on the US dollar. Analysts note that major central banks, including China's, have significantly expanded their bullion holdings while trimming US Treasury holdings.
Mastercard Chief Financial Officer Ling Hai stated that the company expects to process nearly 100% of UAE debit transactions once its partnership with Al Etihad Payments is fully implemented. The project positions Mastercard as the underlying switching and processing technology provider for the UAE's national card switch and domestic Jaywan scheme. Concurrently, China's UnionPay International is expanding its own partnership with Al Etihad Payments to accept Jaywan cards across its network.
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