Kevin Bae

Non-Social in a Socially Networked World

China and France complete their first LNG transaction in Chinese Yuan instead of the U$ Dollar

This is not good news. It’s bad enough China and Russia are trading in Yuan and strengthening their alliance. Now, we have an ally, that we defend with American taxpayer dollars, trading with China in their native currency.

Chinese national oil company CNOOC 0883.HK, 600938.SS and France’s TotalEnergies TTEF.PA have completed China’s first yuan-settled LNG trade through the Shanghai Petroleum and Natural Gas Exchange, the exchange said on Tuesday.

Approximately 65,000 tonnes of LNG imported from the UAE changed hands in the trade, it said in a statement.

TotalEnergies confirmed to Reuters that the transaction involved LNG imported from the UAE but did not comment further.

CNOOC did not immediately respond to a request for comment.

China has placed an emphasis on settling oil and gas trades in yuan in recent years in a bid to establish its currency internationally and to weaken the dollar’s grip on world trade.

China completes first yuan-settled LNG trade – Reuters