Chinese state-owned oil and gas company, PetroChina, has made history by completing its first international crude oil trade using the digital yuan (e-CNY). The Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced the transaction, revealing that PetroChina purchased 1 million barrels of oil. The seller's identity and the exact value of the deal in yuan were not disclosed. The digital yuan, issued by the People's Bank of China, aims to eliminate cash and combat money laundering and terrorist financing. The SHPGX stated that the PetroChina deal aligns with government requirements to use e-CNY in cross-border trade. Cross-border transactions using e-CNY have reached 10.16 trillion yuan ($1.36 trillion) from January to September. The Bank of China has noted the growing prevalence of e-CNY among international organizations, with emerging economies like Argentina introducing RMB deposits and withdrawals within their banking systems.
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