The Shanghai Petroleum and Natural Gas Exchange (SHPGX) has announced that the digital yuan has been used for the first time to settle an oil transaction, with PetroChina International purchasing 1 million barrels of crude on Oct. 19. The transaction was in response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the Chinese central bank digital currency (CBDC) to international trade. The crude oil deal marks a major step in the use of the yuan on the international market and in the global movement toward de-dollarization. In the first three quarters of 2023, use of the yuan in cross-border settlements was up 35% year-on-year, reaching $1.39 trillion, China Daily reported.