From Petro-Yuan to Petro-Digital China’s Landmark Cross-Border Oil Deal Settled in Digital Yuan!

Chinese Digital Yuan CBDC Utilized for the First Time in Cross-Border Oil Transaction

Breaking news! The digital yuan has just made its debut in the oil industry, and it’s causing quite a stir. PetroChina International recently purchased a whopping 1 million barrels of crude using the Chinese central bank digital currency, also known as the e-CNY. Talk about blazing a trail!

Now, this transaction wasn’t just any ordinary deal. It was a response to the Shanghai Municipal Party Committee and Municipal Government’s call to apply the digital yuan to international trade. In other words, they wanted to put the e-CNY to the test, and boy, did it pass with flying colors!

But hold your horses, folks! We don’t have all the juicy details just yet. The identities of the seller and the price of the crude oil were not disclosed. However, we can play with numbers a bit. For example, did you know that the price of the “OPEC basket” of oil from 13 producers was a staggering $95.72 per barrel on that very same day? Talk about a barrel of laughs!

But wait, there’s more! This oil deal not only highlights the power of the digital yuan but also signifies a major leap forward in the international market. It’s yet another step toward de-dollarization and a shift in global economic dynamics.

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And here’s a mind-blowing fact: in the first three quarters of 2023, the use of the yuan in cross-border settlements increased by a whopping 35%, reaching a mind-boggling $1.39 trillion. That’s enough to make any economist do a victory dance!

Let’s not forget, my dear readers, that this isn’t the first currency coup for the digital yuan. Back in March, the yuan took center stage in the liquified natural gas (LNG) market. French TotalEnergies and the China National Offshore Oil Corporation (CNOOC) rocked the boat by striking a deal in yuan. And just last week, CNOOC joined forces with French Engie for another LNG extravaganza. The yuan sure knows how to make a splash!

Now, let’s dive into more exciting news. On the same day, First Abu Dhabi Bank dropped a bombshell by announcing a digital currency agreement with none other than the Bank of China. As participants in the mBridge platform, China and the United Arab Emirates are taking the world by storm with their cross-border transactions using CBDC. Get ready, ladies and gentlemen, because mBridge is set to hit the market next year!

But wait, there’s yet another twist to this tale. Abu Dhabi inked a deal with India in August to settle oil deals in rupees. Looks like the yuan has some fierce competition!

So, my dear readers, buckle up and prepare for a wild ride in the world of digital currencies. The digital yuan is making waves in the oil industry, leaving traditional payment methods in its wake. It’s time to embrace the future and hop on board the digital currency express!

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