China settles first LNG trade in yuan with UAE deal
China has held several discussions with countries in the Middle East and North Africa about conducting trade using its local currency.
DUBAI — The United Arab Emirates was part of a historical transaction carried out on China's national energy trade platform this week.
What happened: China conducted the first ever yuan-settled energy deal involving some 65,000 tons of Emirati liquified natural gas (LNG). The transaction was carried out by China National Offshore Oil Corporation and France's TotalEnergies through the Shanghai Petroleum and Natural Gas Exchange, the exchange reported Tuesday.
TotalEnergies told Reuters that the transaction involved LNG imported from the UAE, but gave no further comment.
Why it matters: China has repeatedly held discussions with countries in the Middle East and North Africa about conducting trade using its local currency.
