Shanghai Petroleum Exchange Settles Oil Deal Using Digital Yuan

Shanghais key energy trading platform, the Shanghai Petroleum and Natural Gas Exchange (SHPGX), recently unveiled that the digital yuan, or e-CNY, was employed in an oil deal settlement. This marks a novel move as PetroChina International secured 1 million barrels of crude oil on October 19, 2023. This recent development echoes the encouragement from the Shanghai Municipal Party Committee and Municipal Government. They urged for the wider use of Chinas central bank digital currency (CBDC) in global trade sectors. China Daily, a state-operated media outlet, acknowledged this move as an...

source: https://tokenpost.com/Digital-Yuan-Used-to-Seal-Oil-Deal-for-China-Signifying-Global-Financial-Shift-10867

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