Digital yuan used to settle crude oil trade

Chinese oil company Petro China reportedly bought one million barrels of crude oil in digital yuan

Digital yuan

China’s digital yuan was used to settle a cross-border crude oil transaction for the first time, according to the Shanghai Petroleum and Natural Gas Exchange (SHPGX).

State-owned Petro China International Corporation bought an undisclosed amount of crude oil via the exchange on October 27 using a digital wallet opened at the Bank of Communications.

The exchange did not disclose the value of the transaction or the identity of the seller, but newspaper China Daily said Petro China had bought one

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account