# Exclusive: China taking first steps to pay for oil in yuan this year - sources

> China is taking first steps to pay for imported crude oil in yuan rather than US dollars, according to three sources cited by Reuters. The move is part of Beijing's effort to internationalize its currency.

- Date: 2018-03-30 · published 2018-03-30T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/66215-exclusive-china-taking-first-steps-to-pay-for-oil-in-yuan-this-year-sources
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Yuan-settled oil purchases would gradually reduce dollar demand for crude, a long-run negative for the dollar and a factor in oil pricing structure. The near-term price impact is small.

## Read by commodity

- DXY: bearish ▼
- WTI: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-05-01 | [Japan steps into FX market for first time in two years to boost yen, sources say](https://feedsoft.ai/events/19966-japan-steps-into-fx-market-for-first-time-in-two-years-to-boost-yen-sources-say.md) | -0.6% | +0.2% |
| DXY | 2018-02-01 | [Happy Chinese Yuan \| snaps \| ING THINK](https://feedsoft.ai/events/66715-happy-chinese-yuan-snaps-ing-think.md) | +0.9% | +1.7% |
| DXY | 2018-01-23 | [China’s yuan edges up on stronger fixing, vulnerable dollar \| Business News - The Indian Express](https://feedsoft.ai/events/11862-china-s-yuan-edges-up-on-stronger-fixing-vulnerable-dollar-business-news-the.md) | -0.9% | -0.4% |
| DXY | 2017-01-05 | [China's Offshore Yuan is Bossing the US Dollar Around Today](https://feedsoft.ai/events/10253-china-s-offshore-yuan-is-bossing-the-us-dollar-around-today.md) | +0.1% | -2.7% |
| DXY | 2020-11-09 | [For investors, China's yuan is the big winner from Biden victory \| Financial Post](https://feedsoft.ai/events/50363-for-investors-china-s-yuan-is-the-big-winner-from-biden-victory-financial-post.md) | -0.1% | -1.7% |
| WTI | 2026-07-29 | [ING Says Dollar to Take Cue from Oil Prices If Fed Holds Rate \| Financial Post](https://feedsoft.ai/events/18262-ing-says-dollar-to-take-cue-from-oil-prices-if-fed-holds-rate-financial-post.md) | -4.4% | +3.8% |
| WTI | 2017-12-01 | [Crude oil prices to be under pressure in first half of 2018: S&P](https://feedsoft.ai/events/67647-crude-oil-prices-to-be-under-pressure-in-first-half-of-2018-s-and-p.md) | -1.5% | +5.3% |
| WTI | 2020-07-30 | [Analysis: First Chinese gas contracts linked to international LNG prices signal oil-gas decoupling continues \| S&P Global](https://feedsoft.ai/events/52294-analysis-first-chinese-gas-contracts-linked-to-international-lng-prices-signal.md) | +2.6% | +5.1% |

## Sources

- reuters.com: https://www.reuters.com/article/us-china-oil-yuan-exclusive/exclusive-china-taking-first-steps-to-pay-for-oil-in-yuan-this-year-sources-idUSKBN1H51FA/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.