Coinspeaker
Digital Yuan Completes Its First Cross-Border Oil Deal
Chinese Central Bank Digital Currency (CBDC) – digital yuan or e-CNY – has been used for the first time to settle a cross-border oil transaction. According to the Shanghai Petroleum and Natural Gas Exchange (SHPGX), the deal was closed by PetroChina International which bought 1 million barrels of crude on October 19. The exact sum of the deal has not been revealed, and the name of the seller is unknown as well.
The transaction is part of SHPGX’s efforts to provide a solid response to the Shanghai municipal government’s requirements to use the digital yuan in cross-border trade. As the exchange has said, the deal marks “another major step forward” for e-CNY. Notably, it comes after a series of payments for oil and gas imports involving the traditional Chinese yuan.
Back in March, the yuan became the most widely used currency for cross-border transactions. At that time, the yuan was first used for a liquified
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