This crude oil transaction made by China took place after the recent yuan-denominated liquefied natural gas (LNG) agreement also between the China National Offshore Oil Corp and French Engie.

According to the agreement, Engie will deliver 65,000 metric tons of liquefied natural gas to CNOOC in November.

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The Chinese government may want to use the e-CNY ( Digital Yuan ) currency as a tool to expand its international use, so using it to carry out large global commodity purchases such as crude oil will be a way to support this expansion.

Additionally the exchange encourages more efficient market interactions by aiming to improve global companies trading and payment channels. Also, this development is expected to increase international investments in the Chinese market.

The strategies behind these types of agreements and transactions reflect China’s goal to become a more active player in the international arena. The Chinese government may want to increase economic interactions and strengthen the financial system by making digital currencies like e-CNY more common in international use.

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