Zero Hedge — In Unprecedented Move, China To Pay For Oil Imports With Yuan Instead Of Dollars

Just days after Beijing officially launched Yuan-denominated crude oil futures (with a bang, as shown in the chart below, surpassing Brent trading volume) which are expected to quickly become the third global price benchmark along Brent and WTI, China took the next major step in the internationalization of the Yuan, challenging the Dollar's supremacy as global reserve currency, when on Thursday Reuters reported that China took the first steps to paying for crude oil imports in its own currency instead of the US Dollars.

Zero Hedge
In Unprecedented Move, China To Pay For Oil Imports With Yuan Instead Of Dollars

Tyler Durden

See also

Ecns
Departure ceremony of China-Europe freight train service held in Shanghai