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According to China National Offshore Oil Corporation, 05/16/2023 marked the first cross-border LNG trade using the Chinese yuan. This cross-border trade consisted of transporting roughly 65,000 tons of LNG from the United Arab Emirates. The use of yuan in cross-border trades has been on the rise amid China’s large volume of crude oil and LNG imports.

China’s first yuan-settled LNG trade unloaded from UAE

According to China National Offshore Oil Corporation, 05/16/2023 marked the first cross-border LNG trade using the Chinese yuan. This cross-border trade consisted of transporting roughly 65,000 tons of LNG from the United Arab Emirates. The use of yuan in cross-border trades has been on the rise amid China’s large volume of crude oil and LNG imports.

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