China Suffers Another Setback in Effort to De Dollarize Global Finance as Anchor in Greenback's Dominance Quietly Exits Beijing's Payment Scheme The recent departure of Saudi Arabia from China's mBridge digital payment platform has gone largely underreported, but it is a significant sign that the dollar's influence in global finance is waning.
This trend speaks to a larger development: the petrodollar regime, which has dominated international trade for decades, is slowly losing its grip.
The petrodollar was established in 1974 as part of a deal between the United States and Saudi Arabia, where oil would be priced in dollars and surplus funds invested in U. S. assets.