From ACT Wiki
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 had 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.