Cited by Coin Telegraph, Shanghai Petroleum and Natural Gas Exchange (SHPGX) declared that PetroChina International purchased 1 million barrels of crude oil on October 19th. ‘The transaction was a response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the Chinese central bank digital currency (CBDC), also referred to as the e-CNY, to international trade,’ the crypto publication explained.
However, the seller and the contract fee were not revealed publicly.
Coin Telegraph further noted in their report:
The crude oil deal also marks an overall major step in the use of the yuan on the international market and in the global movement toward de-dollarization. In the first three quarters of 2023, the use of the yuan in cross-border settlements was up 35% year-on-year, reaching $1.39 trillion, China Daily reported.
The yuan was first used for a liquified natural gas (LNG) purchase on SHPGX in March when the French TotalEnergies agreed to sell LNG to the China National Offshore Oil Corporation (CNOOC). The second LNG deal in yuan occurred last week between CNOOC and French Engie. Those transactions did not involve the digital yuan.
AUTHOR COMMENTARY
The WinePress has noted in other reports published this year that other nations are starting to embrace China’s digital currencies for trade and commodity purchases, which is obviously a major blow to the United States’ petrodollar as the world reserve currency:
SEE:
- Putin Says Russia Is Ready To Switch To Chinese Yuan For Foreign Trade
- Kenya President Tells Citizens To Get Rid Of Holdings Of US Dollar, As Nations Dump The Dollar And Begin To Embrace Petroyuan
- Chinese Yuan Replaces US Dollar As Most-Used Currency In China’s Foreign Trade
- Argentina Dumps Dollar And Switches To Chinese Yuan Amidst Unprecedented Inflation
- De-Dollarization: Argentina Allows Citizens To Open New Bank Accounts Using Chinese Yuan Due To Dollar Crunch
As this current war with Israel ramps up, and even possibly if the U.S. continues to aid Taiwan, expect China and other BRICS nations, and those looking to join,
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
For China doing this, if Trump were President, I believe he would impose something like a 25% tariff or more on ALL imported Chinese goods. The Chinese economy is so dependent upon Americans buying their products, a high tariff would cripple their already struggling economy. Biden is too much in the pocket of China to even consider doing such a thing.