Yuan Payments for Oil Trade Triple Since 2021 Amid Rising Crypto Use in Sanctioned Nations

Chinese yuan payments for oil trade have seen a significant increase, tripling since 2021. According to NS3.AI, China's Cross-Border Interbank Payment System (CIPS) settled 1.46 trillion yuan, equivalent to $214 billion, in March. Meanwhile, a report by Chainalysis highlighted a 700% surge in cryptocurrency acceptance among sanctioned nations, with crypto payments reaching $154 billion. Despite these developments, the yuan still represents only 3% of global settlements.