China Buying Oil From Iran With Yuan
_Featured_, Economy Friday, September 28th, 2012China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.
China is promoting the usage of the yuan as a rival international currency to the dollar
Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran’s ambassador to the United Arab Emirates, confirmed.
China is the biggest buyer of Iranian crude oil exports.
The country buys some $20bn-30bn of oil from Iran each year, but the US has been pressuring Beijing to join an international boycott of Iran over Tehran’s nuclear programme.
The Iranian ambassador’s comments, reported by the Reuters news agency, confirmed a report in the Financial Times that claimed that Unipec – a subsidiary of the Chinese state-owned oil firm Sinopec – was buying the oil, as was another company called Zhuhai Zhenrong.
Meanwhile, China has been trying to promote usage of yuan as an international currency as a rival to the dollar, including the establishment of a new offshore trading centre in London alongside the existing centre in Hong Kong.
According to the FT report, China has been providing the currency to Iran via Russian banks rather than its own domestic banks.
Lobbying effortsThe US plans to implement a round of sanctions, starting on 28 June, against banks based in countries that do not cut their oil imports from Iran.
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