Petroyuan

Revenue from the sale of oil, denominated in yuan renminbi.

Crude to China, yuan to Iran

"Being the world's largest trading nation and net importer of crude oil, China would also naturally desire to make at least part of its oil payments in renminbi.

Beijing hopes that the rise of the petroyuan will provide a stable anchor to the value of the renminbi, thereby establishing the renminbi as a global reserve currency.

China has already been paying part of its purchase of Iranian oil in renminbi as early as 2012, as Iran sought to get around Western financial sanctions."

The Treasurer magazine, April 2017, p39 - Florence Eid-Oakden, chief economist at Arabia Monitor.

See also

• China
• Hydrocarbons
• MENA
• OPEC
• Peak oil
• Petrodollar
• Renewables
• Reserve currency
• Yuan renminbi