The Chinese digital yuan has shown promise in cross-border trade after its deployment in a massive crude oil deal involving a major state-backed entity.
As reported by China Daily, the state-owned PetroChina International Corp Ltd relied on the central bank digital currency (CBDC) to purchase 1 million barrels of crude oil. The first-of-its-kind deal was settled at the Shanghai Petroleum and Natural Gas Exchange (SHPGX), although the report did not disclose the vendor’s identity. The deal…
