China has completed its first international crude oil cross-border digital RMB settlement, purchasing 1 million barrels of crude oil
On October 27th, IT Home reported that according to Shanghai Securities News, China National Petroleum International Co., Ltd
On October 27th, IT Home reported that according to Shanghai Securities News, China National Petroleum International Co., Ltd. today settled a shipment of crude oil purchased on the trading center platform on October 19th using digital RMB for the first time through a digital wallet opened by the Shanghai Petroleum and Natural Gas Trading Center at the Bank of Communications.
IT Home learned from the Shanghai Oil and Gas Trading Center that previously, the Shanghai Municipal Party Committee and Government issued a work request for "Shanghai to actively participate in the application of digital RMB in international trade". The Shanghai Oil and Gas Trading Center responded to the call and actively promoted the embedding of digital RMB in cross-border RMB payments when expanding international oil and gas trade transactions.
On October 19th, China Petroleum International Co., Ltd. reached its first international crude oil cross-border RMB settlement transaction on the Shanghai Petroleum and Natural Gas Trading Center platform, purchasing a ship of 1 million barrels of crude oil. This transaction was officially completed today.
Wang Zhiqiang, Director of the Energy Department of the Shanghai Development and Reform Commission, stated that the trading center is actively expanding cross-border oil and gas transactions and has made the first attempt to use digital RMB payments, which facilitates both parties to quickly track the flow of funds and provides a fast and secure trading and payment channel for international oil and gas resources to enter China, which is conducive to the construction of the Shanghai International Oil and Gas Trading Center.
IT Home has noticed that not only Shanghai, but also Shenzhen mentioned the cross-border use of digital RMB in the "Shenzhen Work Plan for Optimizing International Business Environment (2023-2025)" released in August this year. Shenzhen stated that it will promote the facilitation of cross-border RMB income from capital projects for domestic use, carry out innovative applications such as digital currency research and mobile payments, and promote international cooperation and cross-border use of digital RMB.
Tag: crude oil China has completed its first international cross-border
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