Digital yuan used to settle crude oil trade for Chinese oil company: Report

In a first for both PetroChina and the digital yuan, the Chinese oil and gas company reportedly settled a trade with the country’s central bank digital currency (CBDC). 

The news was first reported by China Daily, a paper owned by the Chinese Communist Party.

PetroChina allegedly bought a million barrels of crude at the Shanghai Petroleum and Natural Gas Exchange (SHPGX), with the transaction settled by e-CNY. 

The announcement from Friday, made by the SHPGX, did not disclose either the seller or the deal’s value.

“The Shanghai Municipal Party Committee and Municipal Government issued work requirements…The Shanghai Oil and Gas Trading Center responded to the call and actively…

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