PetroChina will settle a crude oil transaction for one million barrels of oil using the digital RMB (eCNY). This is the first cross border oil transaction using the central bank digital currency (CBDC).
No mention was made of the exporter in the news item from Shanghai Securities News. However, we reported yesterday about digital currency agreements between China and the United Arab Emirates (UAE).
In late September, as part of the China-Arab Business Summit, an entire mini event focused on discussions about using local currency. Additionally, in a China-Gulf Summit in late 2022 attended by President Xi Jinping, he prioritized the RMB settlement of oil and gas transactions. Chinese imports amount to RMB 3 trillion ($410bn) annually.
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