BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

The Digital Yuan’s First Cross-Border Crude Oil Trade

by BlockNews.com Team
October 26, 2023
in BUSINESS, CRYPTO, TECHNOLOGY
Reading Time: 3 mins read
A A
1
SHARES
23
VIEWS
Share on XShare in TelegramShare on Reddit
  • The Shanghai Petroleum and Natural Gas Exchange (SHPGX) settled its first cross-border crude oil trade using China’s digital currency, the e-yuan. This marks a milestone for the exchange and China’s efforts to expand yuan use internationally.
  • PetroChina International purchased 1 million barrels of crude oil yesterday, paying with the digital yuan. This was also the exchange’s first overseas oil settlement conducted in yuan, allowing faster transactions.
  • The SHPGX, founded in 2016, aims to become a global energy trading hub settled in yuan. This e-yuan crude oil deal is a step toward that goal and expanding yuan use in trade and finance.

The Shanghai Petroleum and Natural Gas Exchange (SHPGX) has settled its first cross-border trade using China’s digital currency, the e-yuan. This marks a milestone for both the exchange and China’s efforts to expand use of its currency internationally.

Trade Details

Yesterday, PetroChina International purchased 1 million barrels of crude oil and paid using the digital yuan. The SHPGX did not disclose the name of the seller or the amount paid in the transaction.

This was also the exchange’s first overseas oil settlement conducted in yuan. Using the digital currency allows faster, more efficient cross-border transactions.

🚨 NEWS: Digital yuan has been used in its first crude oil transaction of 1 million barrels via PetroChina International.

China continues working towards de-dollarization, pushing the yuan's role in global settlements.

Is USD's reign coming to an end? 👀 pic.twitter.com/awlLsArMP8

— BlockNews.com (@blocknewsdotcom) October 23, 2023

About the E-Yuan

The e-yuan, also called the Digital Currency Electronic Payment, was developed by China’s central bank starting in 2014. It has been piloted and tested in cities and regions across China.

The country aims to use the yuan and e-yuan more widely in international trade and finance. This transaction is a step toward that goal.

SHPGX’s Global Ambitions

Besides expanding domestic business, the SHPGX is exploring international oil and gas trading. This provides a fast, stable channel for global energy resources to enter China.

The exchange continues to pioneer yuan settlement of cross-border natural gas trades. This crude oil deal in e-yuan is its latest milestone.

SHPGX Overview

The SHPGX, founded in 2016, is registered in the Shanghai Free Trade Zone. Xinhua News Agency owns the largest stake, and energy giants PetroChina, Sinopec, and CNOOC are also major investors.

In 2021, the exchange traded over 928 billion cubic meters of natural gas. It aims to become a global energy trading hub settled in yuan.

Tags: BlockchainBusinessChinacryptoDigital Yuan
TweetShareShare
Previous Post

The SEC vs. Coinbase: What the Grayscale ETF Ruling Means for Crypto Exchanges

Next Post

Why Reddit Removed Moderators Involved in Alleged Insider Trading of MOON Tokens

DON'T MISS THESE! HOT OFF THE PRESS

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape
CARDANO

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish
BITCOIN

$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

July 18, 2025
Crypto Liquidations Spike Near $1 Billion as Sentiment Flips Bearish: Here is What You Need to Expect
CRYPTO

Crypto Liquidations Spike Near $1 Billion as Sentiment Flips Bearish: Here is What You Need to Expect

July 18, 2025
Trump to Sign Landmark Crypto Regulation Bills: Here is What We Know
CRYPTO

Trump to Sign Landmark Crypto Regulation Bills: Here is What We Know

July 18, 2025
The Retail Crypto Comeback: Why This Time Feels Different
CRYPTO

The Retail Crypto Comeback: Why This Time Feels Different

July 18, 2025
$FARTCOIN Flares Up 24%—Whales Stir, Momentum Builds, and a Breakout May Be Brewing
CRYPTO

$FARTCOIN Flares Up 24%—Whales Stir, Momentum Builds, and a Breakout May Be Brewing

July 18, 2025
Load More

Related News

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

July 18, 2025
Crypto Liquidations Spike Near $1 Billion as Sentiment Flips Bearish: Here is What You Need to Expect

Crypto Liquidations Spike Near $1 Billion as Sentiment Flips Bearish: Here is What You Need to Expect

July 18, 2025
Trump to Sign Landmark Crypto Regulation Bills: Here is What We Know

Trump to Sign Landmark Crypto Regulation Bills: Here is What We Know

July 18, 2025
The Retail Crypto Comeback: Why This Time Feels Different

The Retail Crypto Comeback: Why This Time Feels Different

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin US Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.