2023-04-07 07:01:51
France makes historic LNG sale to China in yuan this week
China's national oil company CNOOC and France's TotalEnergies have completed China's first-ever yuan-settled liquified natural gas (LNG) trade via the Shanghai Petroleum and Natural Gas Exchange, the exchange said Tuesday.
The trade, involving 65,000 tons of LNG imported from the United Arab Emirates, marks an major step in Beijing's efforts to undermine the US dollar as universal "petrodollar" for gas and oil trading.
Earlier in December 2022, during a visit to Saudi Arabia, President Xi Jinping announced China would "make full use" of the Shanghai exchange as a platform for yuan settlement of oil and gas trades.
However, the yuan currently accounts for only 2.7% of the global trading market, while the US dollar's share is 41%. That said, Beijing has already made deals on trade in national currencies with Russia and Brazil, which will further reduce the share of the greenback.
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