Yuan used increasingly in preference to US currency for trade settlements
Economies across the world are exploring the use of convenient currencies other than the United States dollar for trading.
Analysts believe that China and other countries are gradually reducing their dependence on the dollar by using local currencies for cross-border trade, helping to create a multipolar international currency system.
At the end of March, the Shanghai Petroleum and Natural Gas Exchange, or SHPGX, reported that China had imported liquefied natural gas from the United Arab Emirates using cross-border yuan settlement.
It was the first time that China — the world's second-biggest importer of LNG — had used its currency for such a purchase, as the global commodities trade has long been based on US dollar-denominated transactions.
