Bank of Communications successfully completed the first digital RMB cross-border payment business for oil and gas trade

On October 27, 2023, Bank of Communications successfully completed the first digital RMB cross-border payment for oil and gas trading, marking another solid step for the bank in "expanding the application of digital currency in international trade." China Petroleum International Business Co., Ltd. reached a transaction of importing nearly one million barrels of crude oil on the Shanghai Petroleum and Natural Gas Trading Center platform, and for the first time used a bilateral mode of digital RMB cross-border payment, with an amount of nearly 670 million RMB. The successful landing of this business has also received guidance and support from the Digital Currency Research Institute of the People's Bank of China, the Shanghai Headquarters of the People's Bank of China, the Shanghai Municipal Commission of Commerce, and the Shanghai Local Financial Regulatory Bureau.