mBridge：跨境結算系統移交給中國、阿聯酋、香港、沙烏地阿拉伯、泰國央行

今年的喀山金磚國家領導人峰會上，關於成員國使用本幣進行貿易結算的討論很多，但令等待的人感到失望

Bank for International Settlements mBridge Cross-Border Settlement System Handed Over To Participating Central Banks

國際清算銀行mBridge跨國結算系統移交參與央行

The Bank for International Settlements (BIS) has officially handed over the reins of its mBridge cross-border settlement system to the central banks of China, the United Arab Emirates (UAE), Hong Kong, Saudi Arabia, and Thailand, marking a significant milestone in their efforts to streamline international payments.

國際清算銀行（BIS）正式將mBridge跨境結算系統的控制權移交給中國、阿聯酋、香港、沙烏地阿拉伯和泰國央行，這是一個重要的里程碑努力簡化國際支付。

This move comes just a week after the BRICS (Brazil, Russia, India, China, and South Africa) Summit in Kazan, where member states expressed a keen interest in establishing their own independent payment system. While the handover of mBridge is not directly linked to BRICS, the timing and the involvement of three BRICS central banks in the working group have certainly raised eyebrows.

此舉是在金磚國家（巴西、俄羅斯、印度、中國和南非）喀山峰會一週後做出的，成員國表達了建立自己獨立支付系統的濃厚興趣。雖然mBridge的移交與金磚國家沒有直接關係，但金磚國家三個央行的時機和參與工作小組的情況無疑引起了人們的關注。

mBridge is a blockchain-based cross-border payment system that enables central banks to tokenize their CBDCs and use them for atomic settlement. This system aims to significantly reduce the time and costs associated with cross-border payments while enhancing efficiency.

mBridge 是一種基於區塊鏈的跨境支付系統，使中央銀行能夠將其 CBDC 代幣化並使用​​它們進行原子結算。該系統旨在顯著減少跨境支付的時間和成本，同時提高效率。

China played a leading role in the mBridge working group, and recently, there have been reports of plans to open-source the blockchain-based software used in the system. This decision could further facilitate the adoption and integration of mBridge by other central banks and payment networks.

中國在mBridge工作小組中發揮了主導作用，最近有報告指出計劃開源該系統中使用的基於區塊鏈的軟體。這項決定可以進一步促進其他央行和支付網路對 mBridge 的採用和整合。

As three of the central banks involved in mBridge (China, the UAE, and Saudi Arabia) are also members of BRICS, the possibility of mBridge serving as a foundation for a BRICS payment system cannot be entirely dismissed.

由於參與 mBridge 的三個央行（中國、阿聯酋和沙烏地阿拉伯）也是金磚國家成員，因此不能完全排除 mBridge 作為金磚國家支付系統基礎的可能性。

However, BIS boss Agustín Carstens has categorically denied any suggestion that the bank is withdrawing due to links to BRICS, stating that the decision was made because the project is now mature enough to be handed over.

然而，國際清算銀行行長阿古斯丁·卡斯滕斯斷然否認該銀行因與金磚國家的聯繫而退出的任何說法，並表示做出這一決定是因為該項目現在已經足夠成熟，可以移交。

“mBridge is not the BRICS Bridge, and I have to say that categorically. mBridge was not created to cater (to) the needs of BRICS. It was put together to satisfy broad central bank necessities,” Carstens asserted.

「mBridge不是金磚國家橋樑，我必須明確地說。 mBridge 的創建並不是為了滿足金磚國家的需求。它的成立是為了滿足央行的廣泛需求，」卡斯滕斯斷言。

During his speech at the Santander International Banking Conference, Carstens also addressed the importance of ensuring that any projects undertaken by the BIS do not facilitate the violation of sanctions.

卡斯滕斯在桑坦德國際銀行會議上發表講話時還談到了確保國際清算銀行開展的任何項目不會助長違反制裁的重要性。

“Whatever projects we put together should not be a conduit to violate sanctions,” he stated.

「無論我們推出什麼項目，都不應該成為違反制裁的管道，」他表示。

BRICS members have been discussing the need for an alternative payment system and de-dollarization since around 2010. However, these calls have become more urgent following Russia’s invasion of Ukraine and the subsequent imposition of sanctions by the United States and its allies.

自2010年左右以來，金磚國家成員一直在討論替代支付系統和去美元化的必要性。

Russian President Vladimir Putin has strongly condemned the freezing of $300 billion of his country’s currency reserves, describing it as “theft.” He has also warned that the United States will regret using its currency and the payment system it largely controls as a weapon, predicting that it will accelerate the process of de-dollarization.

俄羅斯總統普丁強烈譴責凍結俄羅斯3,000億美元貨幣儲備的行為，稱其為「竊盜」。他還警告說，美國將後悔將其貨幣及其主要控制的支付系統用作武器，並預測這將加速去美元化。

Considering the strained relationship between the United States and China in recent years and their ongoing tit-for-tat trade war, BRICS has at least two influential members who stand to benefit greatly from an alternative payment system.

考慮到近年來美國和中國之間的緊張關係以及持續不斷的針鋒相對的貿易戰，金磚國家至少有兩個有影響力的成員有望從替代支付體系中獲益匪淺。

With China already being the largest economy in the world on a GDP PPP basis, the successful launch of an alternative payment system to challenge SWIFT and the use of USD in international trade would pose a significant challenge to U.S. power.

由於中國已成為以 GDP 購買力平價計算的全球最大經濟體，成功推出挑戰 SWIFT 的替代支付系統以及在國際貿易中使用美元將對美國實力構成重大挑戰。

While BRICS members have openly stated their goal to de-dollarize, the greenback is expected to continue playing a crucial role in international trade for the foreseeable future.

儘管金磚國家成員公開表示了去美元化的目標，但預計美元在可預見的未來將繼續在國際貿易中發揮至關重要的作用。

The United States boasts the deepest capital markets, and the USD is still involved in 90% of all FX transactions. Additionally, central banks hold approximately 46% of all reserves in USD, making it the undisputed king of currencies.

美國擁有最深厚的資本市場，90%的外匯交易仍以美元為主。此外，各國央行持有美元約 46% 的儲備，使其成為無可爭議的貨幣之王。

China, Russia, and other BRICS members have a long way to go before any of their currencies can challenge the dollar in a meaningful way. Nevertheless, any independence they can achieve in this regard will contribute to their efforts to fully de-dollarize and neutralize the ability of the West to impose sanctions or dictate terms in international commerce and trade.

中國、俄羅斯和其他金磚國家的貨幣要真正挑戰美元，還有很長的路要走。然而，他們在這方面能夠實現的任何獨立性都將有助於他們努力完全去美元化並削弱西方在國際商業和貿易中實施制裁或規定條款的能力。

Although the complete de-dollarization process may take an extended period of time, BRICS members are steadily advancing towards this goal, and the pace of their march is likely to accelerate in the years to come.

儘管完全去美元化進程可能需要較長時間，但金磚國家正在朝著這一目標穩步前進，而且未來幾年前進的步伐可能會加快。