In a significant milestone for the digital yuan, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) has confirmed the use of China’s Central Bank Digital Currency (CBDC) for cross-border trade.
PetroChina International’s Historic Purchase
On October 19, PetroChina International executed a historic transaction, purchasing one million barrels of crude oil using the digital yuan. This transaction came in response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the CBDC to international trade, underlining the digital yuan’s growing role in cross-border commerce.
Although the specific seller and the price of the crude oil transaction were not disclosed, the „OPEC basket” of oil from 13 producers was priced at $95.72 per barrel on the same day.
However, the lack of specific details in the announcement leaves room for speculation about the exact terms of the transaction.
Boosting Digital Yuan’s Globally
This oil transaction is part of a broader eff
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