China preparing to begin paying for imported oil with the Yuan

"China is taking its first steps towards paying for imported crude oil in Yuan instead of the U.S. dollar, according to Reuters, a key development in Beijing's efforts to establish its currency internationally.

Shifting just part of global oil trade into the Yuan is potentially huge. Oil is the world's most traded commodity, with an annual trade value of around US$14 trillion, roughly equivalent to China's gross domestic product last year.

A pilot program for Yuan payment could be launched as early as the second half of this year. Regulators have informally asked a handful of financial institutions to prepare for pricing China's crude imports in the Yuan, according to some financial firms.

“Being the biggest buyer of oil, it's only natural for China to push for the usage of Yuan for payment settlement. This will also improve the Yuan liquidity in the global market”.

China is the world's second-largest oil consumer and in 2017 overtook the United States as the biggest importer of crude oil. Its demand is a key determinant of global oil prices."
https://en.mercopress.com/2018/04/02/china-preparing-to-begin-paying-for-imported-oil-with-the-yuan

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