China is trying to have its currency, the renminbi yuan, replace the US dollar as universal means of payment in international trade. Reuters
RFI: 'Petrodollar' at risk as TotalEnergies sells LNG to China in yuan
Chinese and French energy companies this week finalised the first-ever deal on liquified natural gas (LNG) in China settled in the renminbi yuan currency. The trade, involving 65,000 tons of LNG imported from the United Arab Emirates, marks a major step in Beijing's attempts to undermine the US dollar as universal "petrodollar" for gas and oil trade.
Yu Jin, the general manager of the China National Offshore Oil Company (CNOOC,) which closed the deal with TotalEnergies, says global resource procurement based on the yuan could "promote the globalisation of energy trading and build a more diversified ecology."
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Update #1: China completes first yuan-settled LNG trade (Reuters)
Update #2: Goodbye US Dollar: China, France Complete First LNG Transaction In Yuan (The Deep Dive)
WNU Editor: I must confess that the speed at which the US dollar is being replaced as the global reserve currency is astounding. And as the above report reveals, even US allies are making deals bypassing the US petrodollar.