Business

China likely to make payments of oil purchase through ‘Yuan’

it could be launched as early as the second half of this year

Amid trade war ongoing, the middle kingdom of China is taking steps towards paying for imported crude oil in yuan instead of the US dollar.

It need be mentioned that Beijing has for long been attempting to establish its currency internationally.

It is also to be noted that oil is the world’s most traded commodity with an annual trade value of around $14 trillion.

China has been running a pilot programme for yuan payment and it could be launched as early as the second half of this year, sources claimed.

China hopes to benefit from the trade as it is world’s second-largest oil consumer and in 2017 overtook the United States as the biggest importer of crude oil.

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