China completes first LNG trade in yuan

RT.com
30 Mar 2023, 19:14 GMT+10

The transaction involved a shipment from the United Arab Emirates, according to the Shanghai exchange

China has conducted its first liquefied natural gas (LNG) purchase settled in yuan, the Shanghai Petroleum and Natural Gas Exchange announced on Tuesday. The trade involved around 65,000 tons of LNG imported from the United Arab Emirates, according to the exchange.

TotalEnergies, which is one of the world's top exporters of LNG, confirmed the transaction of LNG imported from the UAE without specifying details, Reuters reported.

The move is the latest sign of the yuan's growing role on the international stage, according to the outlet. As part of its de-dollarization strategy, Beijing has been promoting settlements in national currencies other than the US dollar and euro.

During a visit to Saudi Arabia in December, Chinese President Xi Jinping stated that his country would "make full use of the Shanghai Petroleum and National Gas Exchange as a platform to carry out yuan settlement of oil and gas trade."

Russia became China's largest oil supplier in the first two months of 2023 and is set to become the country's top gas exporter. Moscow has increasingly embraced settlements in yuan amid Western sanctions.

The latest data from the Bank of Russia shows the yuan has become a major player in Russia's foreign trade, with its share of the country's import settlements jumping to 23% by the end of last year, from only 4% in January 2022. The yuan's share in export settlements has also surged, from 0.5% to 16%.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.

More Information

28 ℃

Mostly Cloudy in Seletar

Business

Section

India readies graft charges against BAE, Rolls-Royce for jet trainers

NEW DELHI, India: Indian federal police documents indicate that the country has filed a graft case against the UK's BAE ...

U.S. stock markets rally on debt ceiling bill advance

NEW YORK, New York - U.S. stocks rallied sharply on Thursday after the House of Representatives passed the controversial bill ...

Nvidia says will build AI supercomputer in Israel by end 2023

SANTA CLARA, California: Nvidia Corp, the world's most valuable listed chip company, said that to meet soaring customer demand for ...

Record $95 million taken in at 'Little Mermaid' weekend opening

BURBANK, California: Over the US Memorial Day weekend, Disney's live-action remake of its 1989 animated classic, "The Little Mermaid," brought ...

At 6 million viewers per night, CBS most-watched tv network in US

NEW YORK CITY, New York: The Nielsen company said that CBS has again claimed the title of most-watched television network ...

U.S. stocks dive Wednesday on debt ceiling, global jitters

NEW YORK, New York - U.S. and global stocks tumbled Wednesday as lawmakers continued to navigate their way through Congress ...

Broadcasting

Section