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The Shanghai Petroleum and Natural Gas Exchange announced that the digital yuan, China's central bank digital currency (CBDC), has been utilized in a significant oil trade deal. PetroChina International, on October 19th, purchased 1 million barrels of crude using digital yuan.
Cross-Border Yuan Settlements Witness Rapid Growth
The state-controlled China Daily referred to this transaction as "another major step forward" for the digital yuan, according to Cointelegraph. While the specifics of the seller and price remain undisclosed, this landmark event highlights the growing importance of the digital yuan in global trade.
In comparison, Coins Creed noted that the OPEC basket of oil prices from 13 producers was $95.72 per barrel on the same day, providing context for the scale of this transaction.
The implications of this deal extend beyond the oil market. It signifies a significant stride towards de-dollarization and underscores the increasing utilization of the yuan in the global market.
According to China Daily, in the first three quarters of 2023, the yuan's use in cross-border settlements surged by 35% year-on-year, reaching an impressive $1.39 trillion. This growth indicates the expanding influence and acceptance of the yuan in international trade.
March of this year witnessed the digital yuan's initial use in settling a liquified natural gas (LNG) purchase on SHPGX. The French TotalEnergies sold LNG to the China National Offshore Oil Corporation (CNOOC), marking an important milestone. Another notable LNG transaction in yuan occurred recently between CNOOC and French Engie.
However, it is worth noting that these transactions did not involve the digital yuan. This underlines the increasing adoption and acceptance of the digital yuan as an innovative digital currency.
Collaboration Between First Abu Dhabi Bank and Bank of China.
In a separate development, First Abu Dhabi Bank announced on October 19th that it had inked an agreement on digital currency with the Bank of China during the third Belt and Road Forum for International Corporation.
This forum culminated with the signing, strengthening bilateral ties. China and the United Arab Emirates, particularly Abu Dhabi, actively participate in the mBridge platform, which is aimed at supporting cross-border transactions using CBDC. The launch of mBridge is expected as a minimum viable product in the upcoming year.
Photo: Rob/Unsplash
