The Middle East Monitor published on 19 July 2026 an article titled "Libya Joins China's Payment System, Reducing Reliance on US Dollar."
The governor of the Central Bank of Libya and the governor of the People's Bank of China agreed to connect Libyan commercial banks to China's Cross-Border Interbank Payment System (CIPS). This will facilitate international transfers using the Chinese yuan, reducing reliance on the US dollar by eliminating the need to process transactions through intermediary banks.
