Caixin
Dec 10, 2022 06:39 PM
CHINA

Xi Seeks Yuan Settlement of China Energy Trades With Gulf States

President Xi Jinping speaks at the China-Gulf Cooperation Council Summit in Saudi Arabia’s capital Riyadh on Friday. Photo: Xinhua
President Xi Jinping speaks at the China-Gulf Cooperation Council Summit in Saudi Arabia’s capital Riyadh on Friday. Photo: Xinhua

President Xi Jinping said on Friday that China would work with Gulf nations to start yuan settlements of oil and gas trades in the next three to five years, a move likely aimed at boosting Beijing’s ambitions to push the Chinese currency’s international use.

Speaking at the China-Gulf Cooperation Council (GCC) Summit in Saudi Arabia’s capital Riyadh, Xi said the Shanghai Petroleum and Natural Gas Exchange would be utilized to facilitate the trades in yuan, according to a speech published by the official Xinhua News Agency. The exchange is a national energy trading platform launched in 2016.

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