China Petroleum International Co., Ltd. officially completed the country’s first international crude oil cross-border digital RMB settlement transaction. This was also the country’s first international crude oil cross-border digital currency transaction. This transaction opened up a new path for the application of digital renminbi and made new contributions to promoting the application of digital currency in global energy trade.
Digital RMB is a digital form of legal tender issued by the People's Bank of China. While expanding international oil and gas trade transactions, the Shanghai Oil and Gas Trading Center actively promotes the embedding of digital renminbi in cross-border renminbi payments to meet the diversified needs of domestic and foreign market entities.
As a major participant in international energy trade, International Utilities Corporation gave full play to its advantages in integrated operations and successfully completed my country's first cross-border digital RMB settlement transaction for international crude oil. Through the transaction, the international utility company opened up the cross-border digital RMB settlement process for oil and gas trade, promoted the diversification of payment methods in international energy trade, and improved the efficiency of capital flow.
In recent years, international business companies have adhered to the principles of internationalization, marketization and specialization and actively promoted cross-border RMB settlement in the field of energy trade. This year, they have successively completed the first cross-border RMB settlement transactions with GCC countries and American countries, covering crude oil. , LNG and other oil and gas products. In the next step, the international business company will continue to play the important role of international trade in supply chain management and value enhancement, help smooth the domestic and international dual cycles, and make every effort to promote the high-quality development of oil and gas trade.
