China and Oman have signed a central bank digital currency (CBDC) cooperation memorandum and a 30 billion yuan currency swap deal, reopening a channel for Beijing's digital yuan into the Gulf roughly six weeks after reports that Saudi Arabia had exited China's flagship mBridge settlement platform, according to Cryptopolitan.

What deals did China sign with Oman?

The agreements were concluded 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 deal is a swap arrangement denominated in Chinese yuan and Omani rial, while the other is a separate memorandum of understanding (MoU) to strengthen cooperation on digital payments and legal digital currency between the two countries.

Per the PBOC's November 3 statement, the five-year swap facility, capped at 30 billion yuan and matched against 1.5 billion Omani rials, is intended to make monetary cooperation between the two nations more robust and to improve the settlement of cross-border digital payments. Swap lines like this are a standard central-bank tool: they give the partner institution drawable yuan liquidity, making it easier for banks on each side to settle trade in local currency. What distinguishes this one is its stated digital component, with the PBOC tying the facility directly to cross-border digital payment settlement rather than liquidity support alone.

In its own release, Oman's Foreign Ministry said the country entered into one agreement, signed 14 memoranda of understanding and a cooperation protocol with China. The arrangements broadly covered emerging technology such as artificial intelligence, along with a health protocol for Omani dried dates. The Oman Investment Authority signed another 23 agreements and partnerships with Chinese institutions.

Commerce Minister Anwar bin Hilal Al Jabri told the Oman News Agency that China was Oman's leading trade partner in 2025, accounting for roughly 23.8% of total trade. Bilateral trade reached 9.6 billion Omani rial, approximately $25 billion, during the year.

Oman's leader, Sultan Haitham bin Tarik, and Chinese President Xi Jinping attended the signing of the currency agreement at the Great Hall of the People. Sultan Haitham is the first Omani head of state to visit China since the two nations established diplomatic relations in 1978.

When did Saudi Arabia leave the mBridge platform?

The Financial Times reported in September that the Saudi Central Bank (SAMA) was no longer a participant in China's Project mBridge. SAMA had joined the cross-border CBDC platform as an observing member under the Bank for International Settlements (BIS) in 2023, then stopped participating after completing its proof of concept on May 13, 2025.

The withdrawal, which was not publicly disclosed before the September FT report, was described as consistent with the project's original roadmap.

Finance professional Matteo Giovannini argued in a South China Morning Post (SCMP) article that the Saudi exit was "practical," with the central bank simply shopping for cheaper cross-border payment options rather than staging an "ideological" retreat from the US dollar. China's central bank has positioned mBridge as a lower-cost rival to SWIFT.

Notably, the Oman agreements do not mention mBridge or platform membership, so it is not yet clear whether China has found a replacement for Saudi Arabia in the program.

Where the digital yuan push stands

mBridge remains the clearest vehicle for internationalizing the e-CNY. The platform uses distributed ledger technology to settle cross-border payments directly between central banks, cutting out correspondent banks.

As of early 2026, mBridge had processed more than 4,000 transactions worth about $55.5 billion, with the digital yuan accounting for roughly 95% of settlement volume, Reuters reported citing Atlantic Council data. Its remaining participants include the central banks of mainland China, Hong Kong, Thailand and the UAE, with Macau integrating this year. The 95% share shows how central the e-CNY already is to mBridge's activity, and how much the platform's trajectory now rests on its remaining members.

The push lines up with Beijing's stated policy. In its 2026-2030 reform plan, the PBOC committed to "steadily develop" the digital yuan and widen use of the renminbi in trade and investment abroad, as Cryptopolitan reported. For the new Oman corridor, the markers to watch are operational: how the five-year facility is drawn down in practice, and whether the CBDC MoU produces working digital settlement between Muscat and Beijing rather than staying a framework on paper.