A Liquefied Natural Gas carrier from the United Arab Emirates arrived at the LNG receiving station in Dapeng, Guangdong province, on May 15, carrying 65,000 cubic tons of LNG. This is the first imported LNG deal settled in Renminbi, which marks a substantial step forward in the exploration of cross-border RMB settlement in the oil and gas trade.

Experts say that the RMB settlement of international LNG trade will facilitate the docking of international and domestic markets as well as the efficient circulation of resources at home and abroad. The promotion of RMB settlements among international LNG purchases is a beneficial practice for China in its promotion of the globalization of energy trade and building a diversified LNG trading ecosystem.

As an important buyer in the global LNG market, China has been expanding its infrastructure scale, which has put forward higher requirements for international trade services. China imported more than 500 million tons of crude oil and 100 million tons of natural gas in 2022, including 63.44 million tons of LNG, according to the General Administration of Customs.