Beijing, 30 March 2023 (TDI): On Tuesday, China’s leading oil company, China National Offshore Oil Corporation (CNOOC), and France’s TotalEnergies completed their first Liquified Natural Gas (LNG) trade in Chinese Yuan through the Shanghai Petroleum and Natural Gas Exchange (SHPGX).
The Chairman of SHPGX, Guo Xu, stated that international LNG trading was launched in August 2020 and has continued strengthening the financial infrastructure of Yuan-settled cross-border business.
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He further added that approximately 65,000 tons of LNG have been imported from the United Arab Emirates (UAE) and passed o to Reuters.
Later, TotalEnergies confirmed the transaction of LNG but didn’t provide details regarding further developments.
China’s emphasis on Yuan-settled trade
In the last few years, China has been working on settling its oil and gas trade in the Chinese Yuan, therefore, to make the currency internationally superior. However, this has weakened the Dollar’s position as a widely used international currency.
At present, the Chinese Yuan is being used in foreign exchange trading and has increased to a global market share of up to 7 percent.
Thus, the Yuan has been growing fast in the last 2–3 years, becoming the fifth most-used payment currency in the world.
Moreover, since the establishment of SHPGX in 2015, the volume of natural gas traded on the exchange reached 92.86 billion cubic meters last year.
Noting this, China’s President Xi Jinping, during his visit to Saudi Arabia, announced that “China would make full use of the Shanghai exchange as a platform to carry out yuan settlements of oil and gas trades.”