China Pushes for Yuan Payments to Challenge Dollar

摘要

As coronavirus swells the global LNG surplus, Chinese importers are looking to take advantage of the buyer's market to secure better terms. Not only are they pushing for cheaper prices and more flexibility in new long-term deals, they also want to be able to make payments in Chinese yuan, advancing government efforts to turn it into a key global currency to challenge the US dollar. Industry insiders claim some suppliers, mainly commodities traders, are prepared to bow to the demands if that gets Chinese buyers to sign on the dotted line, but many believe the risks are too high (WGI Jun.10'20).