People's Bank of China and Central Bank of Oman sign CBDC cooperation MoU
Key points
- The PBoC and the Central Bank of Oman signed a five-year bilateral currency swap valued at RMB 30 billion and OMR 1.5 billion (around $4.5 billion) during a state visit by the Sultan of Oman.
- The two central banks also signed an MoU on digital currency and digital payments cooperation, though the document's specific commitments are not publicly detailed.
- Oman's CBDC programme is at an early stage; in June the country issued a tender for an independent assessor to evaluate feasibility, design, and governance.
- China's CBETS cross-border e-CNY transfer programme launched in June and has signed up multiple overseas banks, providing an existing mechanism for potential bilateral digital-currency use.
- Saudi Arabia exited mBridge in May 2025 after a proof-of-concept phase, with the departure only surfacing publicly in September via the Financial Times, illustrating the political sensitivity around the platform in the Gulf region.
During a state visit to China by the Sultan of Oman, the People’s Bank of China (PBoC) and the Central Bank of Oman formalised two agreements: a bilateral currency swap worth RMB 30 billion and OMR 1.5 billion (approximately $4.5 billion) over five years, and a memorandum of understanding (MoU) covering digital currency and digital payments cooperation. The pairing of a conventional swap with a digital-currency MoU positions the relationship as both a near-term liquidity instrument and a longer-horizon infrastructure conversation.
Oman’s CBDC programme remains at an early stage. As recently as June, the country was tendering for an international consultancy to act as independent assessor, with a mandate covering feasibility, design, and governance. The MoU’s near-term substance is therefore most plausibly knowledge-sharing and exploratory engagement around the digital yuan, rather than any imminent operational integration. China’s Cross Border e-CNY Transfer Services programme, known as CBETS, launched in June and has since enrolled a number of overseas banks and branches, giving the PBoC an established channel through which bilateral e-CNY flows could eventually run.
The larger question is whether Oman is on a path toward mBridge, the multi-CBDC cross-border payment platform whose central bank participants include China, Hong Kong, Macau, Thailand, and the UAE. Given Oman’s current state of CBDC readiness, any mBridge accession looks distant. The geopolitical context adds another layer of caution: Saudi Arabia quietly withdrew from mBridge in May 2025 after completing a proof of concept, a departure that only became public when the Financial Times reported it in September. Oman, operating in the same regional diplomatic environment, would have reasons to avoid any public announcement linking it to infrastructure that US policymakers view critically.