China National Petroleum Corporation completes its first international crude oil transaction settled in digital renminbi

2023-10-23 21:27:56

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ChainCatcher news, according to China Daily, with the first crude oil transaction settled in digital yuan on Thursday, China's currency internationalization process has taken a significant step forward. By purchasing 1 million barrels of crude oil, China National Petroleum Corporation completed the first international crude oil transaction settled in digital yuan at the Shanghai Petroleum and Natural Gas Exchange (SHPGX). However, the announcement released by the Shanghai Petroleum and Natural Gas Exchange on Friday did not disclose the exact value of the transaction or the identity of the seller.

The Shanghai Petroleum and Natural Gas Exchange announced on its website that the transaction is part of its efforts to meet the Shanghai municipal government's requirements for using electronic yuan in cross-border trade.

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