China-LNG Cargo/Settlement
Shenzhen City, Guangdong Province, south China - May 18, 2023 (CGTN - No access Chinese mainland)
1. Various of LNG carrier being berthed at port, people working
2. Various of technicians at central control room
3. Aerial shot of workers walking to LNG carrier
4. SOUNDBITE (Chinese, dubbed with English) Wang Xin, deputy general manager, Resources and Marketing Department, China National Offshore Oil Corporation (CNOOC):
"The international LNG procurement settled in the Chinese currency is beneficial for CNOOC as it promotes the global development of the energy trade and creates a diverse ecosystem for LNG trading."
5. Aerial shots of LNG carrier, workers working
6. SOUNDBITE (Chinese, dubbed with English) Liu Guohong, vice president of China Development Institute (partially overlaid with shot 7):
"It means the Chinese yuan has shifted from small trade to the international trade of bulk commodities in cross-border transaction settlements, showing how the international credit of the yuan has greatly improved. The current settlement system of international trade is dominated by the U.S. dollar, which has exposed a variety of risks, so risk aversion in international trade is on the rise."
++SHOT OVERLAYING SOUNDBITE++
7. Various of people working on LNG carrier, central control room
++SHOT OVERLAYING SOUNDBITE++
8. Various of port scenes
9. SOUNDBITE (Chinese, dubbed with English) Liu Guohong, vice president of China Development Institute:
"We should also be clear that the yuan has a long way to go before it becomes internationalized from a cross-border bilateral settlement currency to a third-party settlement currency in international trade, from a settlement currency to a reserve currency, and from a non-convertible currency to a freely convertible currency."
10. Various of bank clerk counting banknotes of Chinese yuan
China has received its first yuan-settled LNG (Liquefied Natural Gas) cargo from the United Arab Emirates (UAE), a move experts describe as a big step forward in the country's cross-border RMB settlements in the oil and gas trade.
The shipment of 65,000 tons was unloaded on Tuesday at Guangdong Dapeng LNG, an LNG's inbound terminal in south China's Shenzhen City, after a 26-day voyage from the UAE.
It's the first yuan-denominated LNG trade cargo, and was inked by the China National Offshore Oil Corporation (CNOOC) and TotalEnergies, a Hong Kong-headquartered multi-energy company, in March.
"The international LNG procurement settled in the Chinese currency is beneficial for CNOOC as it promotes the global development of the energy trade and creates a diverse ecosystem for LNG trading," said Wang Xin, deputy general manager of the CNOOC's Resources and Marketing Department.
Data from the General Administration of Customs (GAC) show that China imported more than 500 million tons of crude oil and 100 million tons of natural gas in 2022, including more than 64 million tons of LNG.
"It means the Chinese yuan has shifted from small trade to the international trade of bulk commodities in cross-border transaction settlements, showing how the international credit of the yuan has greatly improved. The current settlement system of international trade is dominated by the U.S. dollar, which has exposed a variety of risks, so risk aversion in international trade is on the rise," said Liu Guohong, vice president of the China Development Institute.
Data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services, indicate that yuan-settled international trade stands at 2.5 percent of the total, while trade in U.S. dollars accounts for nearly 40 percent, and trade in euros accounts for more than 35 percent.
"We should also be clear that the yuan has a long way to go before it becomes internationalized from a cross-border bilateral settlement currency to a third-party settlement currency in international trade, from a settlement currency to a reserve currency, and from a non-convertible currency to a freely convertible currency," Liu said.
Looking forward, Liu said more efforts should be made in opening up China's capital account, and building and promoting a cross-border interbank payment system, and maintaining financial security.
China-LNG Cargo/Settlement
Dateline : May 18, 2023
Location : China
Duration : 2'01
Shenzhen City, Guangdong Province, south China - May 18, 2023 (CGTN - No access Chinese mainland)
1. Various of LNG carrier being berthed at port, people working
2. Various of technicians at central control room
3. Aerial shot of workers walking to LNG carrier
4. SOUNDBITE (Chinese, dubbed with English) Wang Xin, deputy general manager, Resources and Marketing Department, China National Offshore Oil Corporation (CNOOC):
"The international LNG procurement settled in the Chinese currency is beneficial for CNOOC as it promotes the global development of the energy trade and creates a diverse ecosystem for LNG trading."
5. Aerial shots of LNG carrier, workers working
6. SOUNDBITE (Chinese, dubbed with English) Liu Guohong, vice president of China Development Institute (partially overlaid with shot 7):
"It means the Chinese yuan has shifted from small trade to the international trade of bulk commodities in cross-border transaction settlements, showing how the international credit of the yuan has greatly improved. The current settlement system of international trade is dominated by the U.S. dollar, which has exposed a variety of risks, so risk aversion in international trade is on the rise."
++SHOT OVERLAYING SOUNDBITE++
7. Various of people working on LNG carrier, central control room
++SHOT OVERLAYING SOUNDBITE++
8. Various of port scenes
9. SOUNDBITE (Chinese, dubbed with English) Liu Guohong, vice president of China Development Institute:
"We should also be clear that the yuan has a long way to go before it becomes internationalized from a cross-border bilateral settlement currency to a third-party settlement currency in international trade, from a settlement currency to a reserve currency, and from a non-convertible currency to a freely convertible currency."
10. Various of bank clerk counting banknotes of Chinese yuan
China has received its first yuan-settled LNG (Liquefied Natural Gas) cargo from the United Arab Emirates (UAE), a move experts describe as a big step forward in the country's cross-border RMB settlements in the oil and gas trade.
The shipment of 65,000 tons was unloaded on Tuesday at Guangdong Dapeng LNG, an LNG's inbound terminal in south China's Shenzhen City, after a 26-day voyage from the UAE.
It's the first yuan-denominated LNG trade cargo, and was inked by the China National Offshore Oil Corporation (CNOOC) and TotalEnergies, a Hong Kong-headquartered multi-energy company, in March.
"The international LNG procurement settled in the Chinese currency is beneficial for CNOOC as it promotes the global development of the energy trade and creates a diverse ecosystem for LNG trading," said Wang Xin, deputy general manager of the CNOOC's Resources and Marketing Department.
Data from the General Administration of Customs (GAC) show that China imported more than 500 million tons of crude oil and 100 million tons of natural gas in 2022, including more than 64 million tons of LNG.
"It means the Chinese yuan has shifted from small trade to the international trade of bulk commodities in cross-border transaction settlements, showing how the international credit of the yuan has greatly improved. The current settlement system of international trade is dominated by the U.S. dollar, which has exposed a variety of risks, so risk aversion in international trade is on the rise," said Liu Guohong, vice president of the China Development Institute.
Data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial messaging services, indicate that yuan-settled international trade stands at 2.5 percent of the total, while trade in U.S. dollars accounts for nearly 40 percent, and trade in euros accounts for more than 35 percent.
"We should also be clear that the yuan has a long way to go before it becomes internationalized from a cross-border bilateral settlement currency to a third-party settlement currency in international trade, from a settlement currency to a reserve currency, and from a non-convertible currency to a freely convertible currency," Liu said.
Looking forward, Liu said more efforts should be made in opening up China's capital account, and building and promoting a cross-border interbank payment system, and maintaining financial security.
ID : 8325299
Published : 2023-05-19 22:03
Last Modified : 2023-05-20 17:17:56
Source : China Global Television Network (CGTN)
Restrictions : No access Chinese mainland
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