China has received its first yuan-settled LNG cargo from the United Arab Emirates, a move experts say marks a big step forward in the country’s cross-border RMB settlements in the oil and gas trade. 65,000-tonnes of cargo was unloaded on Tuesday at Guangdong Dapeng, an LNG’s inbound terminal in south China’s Shenzhen City, after a 26-day voyage from the UAE.
SWIFT says international trade in yuan now stands at 2.5%, while trade in US dollars accounts for 39.4% of the total and trade in euros accounts for 35.8%. But as countries seek de-dollarization, China’s yuan settlement is picking up.
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