Submitted by Wega58 t3_125p5bq in wallstreetbets
China has just made a game-changing move in the global energy market by completing its first-ever trade of liquefied natural gas (LNG) settled in yuan, importing a staggering 65,000 tons of LNG from the United Arab Emirates (UAE). This bold move is part of China's strategic plan to challenge the U.S. dollar's dominance in international trade, particularly within the energy sector.
China's LNG imports have grown exponentially over the years, accounting for over half of the country's natural gas imports and 30% of its total natural gas supply in 202. With the global LNG market roaring back to life, currently accounting for approximately 15% of global gas consumption, China's groundbreaking yuan-based LNG trade deal is set to send shockwaves through the international energy market, potentially reshaping the landscape of global energy trade.
https://www.nasdaq.com/articles/china-completes-first-yuan-settled-lng-trade