23 Oct, 23

Digital Yuan Completes First Cross-Border Oil Deal

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Chinese digital yuan has been used in its first cross-border oil deal for 1 million barrels on the Shanghai Petroleum and Natural Gas Exchange (SHPGX) from PetroChina International Corp Ltd.The transaction took place on October 19, and represents the first time, amid a slow-moving de-dollarization push, that digital yuan has been used to complete a translation for oil, though no further details of the transaction have been made available. The price of the deal has not been disclosed.The transaction was heralded by state-run China Daily as “another…

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