China completed the first international crude oil cross-border digital RMB settlement, purchasing 1 million barrels of crude oil
CTOnews.com news on October 27, according to the Shanghai Securities News, PetroChina International Enterprises Co., Ltd. today, through the digital wallet opened at the Bank of Communications by the Shanghai Petroleum and Natural Gas Trading Center, settled a shipment of crude oil purchased on the platform of the trading center on October 19 for the first time in digital RMB.
CTOnews.com learned from the Shanghai Oil and Gas Trading Center that prior to the work requirements issued by the Shanghai Municipal Party Committee and Municipal Government on "Shanghai's active participation in the application of digital RMB in international trade", the Shanghai Oil and Gas Trading Center responded to the call to actively promote the embedding of digital RMB in cross-border RMB payments when expanding international oil and gas trade transactions.
On October 19, China National Petroleum International Corporation reached the first international crude oil cross-border RMB settlement transaction on the platform of Shanghai Oil and Gas Trading Center, purchasing a ship of 1 million barrels of crude oil. The transaction was officially completed today.
Wang Zhiqiang, director of the Energy Department of the Shanghai Development and Reform Commission, said that the trading center actively expanded oil and gas cross-border transactions and tried to use digital RMB payment for the first time, making it easier for both sides of the transaction to quickly track the flow of funds. It provides a fast and safe trading and payment channel for international oil and gas resources into China, which is conducive to the construction of Shanghai International Oil and Gas Trading Center.
CTOnews.com noted that not only Shanghai, but Shenzhen also mentioned the cross-border use of digital RMB in the Shenzhen work Plan for optimizing the internationalized Business Environment (2023-2025), which was released in August this year. Shenzhen said it would facilitate the domestic use of cross-border RMB income from capital accounts, carry out innovative applications such as digital currency research and mobile payments, and promote international cooperation and cross-border use of digital RMB.
