Exclusive: China taking first steps to pay for oil in yuan this year - sources:
"China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing’s efforts to establish its currency internationally.
Shifting just part of global oil trade into the yuan is potentially huge. Oil is the world’s most traded commodity, with an annual trade value of around $14 trillion, roughly equivalent to China’s gross domestic product last year.
A pilot program for yuan payment could be launched as early as the second half of this year, two of the people said.
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'via Blog this'
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