header banner

Slashdot: PetroChina Completes First International Crude Oil Trade in Digital Yuan

Table of Contents

    An anonymous reader quotes a report from CoinDesk: Chinese oil and gas company PetroChina (0857) has completed the first international crude oil trade using the country's central bank digital currency (CBDC), the e-CNY, China Daily reported on Saturday. PetroChina bought 1 million barrels of crude oil settled in e-CNY, or digital yuan, at the Shanghai Petroleum and Natural Gas Exchange (SHPGX) on Oct. 18, according to the report by the Chinese Communist Party-owned newspaper. The SHPGX did not disclose the exact value of the deal nor the seller's identity.

    China's government may wish to use the e-CNY as a tool for expanding the international use of its currency, also known as the renminbi, so using it to settle purchases of major global commodities like crude oil would be one way to underpin this expansion. While almost all the world's major economies are at least looking at developing a CBDC, China's is comfortably among the most advanced. Transactions using the currency hit 1.8 trillion yuan ($250 billion) as of the end of June, with e-CNY accounting for 0.16% of the cash in circulation.


    Article information

    Author: Monique Velasquez

    Last Updated: 1698682922

    Views: 1227

    Rating: 4.4 / 5 (59 voted)

    Reviews: 84% of readers found this page helpful

    Author information

    Name: Monique Velasquez

    Birthday: 2015-10-20

    Address: 92501 Nancy Mews Apt. 690, New Curtis, NM 20495

    Phone: +4043289539419719

    Job: Biotechnologist

    Hobby: Hiking, Drone Flying, Backpacking, Writing, Geocaching, Running, Survival Skills

    Introduction: My name is Monique Velasquez, I am a unyielding, unguarded, brilliant, accomplished, artistic, persistent, resolved person who loves writing and wants to share my knowledge and understanding with you.