China settles first LNG trade in yuan with UAE deal
China has held several discussions with countries in the Middle East and North Africa about conducting trade using its local currency.
DUBAI — The United Arab Emirates was part of a historical transaction carried out on China's national energy trade platform this week.
What happened: China conducted the first ever yuan-settled energy deal involving some 65,000 tons of Emirati liquified natural gas (LNG). The transaction was carried out by China National Offshore Oil Corporation and France's TotalEnergies through the Shanghai Petroleum and Natural Gas Exchange, the exchange reported Tuesday.
Subscribe for unlimited access
All news, events, memos, reports, and analysis, and access all 10 of our newsletters. Learn more
Continue reading this article for free
Access 1 free article per month when you sign up. Learn more.
By signing up, you agree to Al-Monitor’s Terms and Conditions and Privacy Policy. Already have an account? Log in