China uses Renminbi for Iranian oil deals

China appears bent on evading sanctions against Iranian oil as it continues to make oil purchases using its local currency. Iran, on the other hand is using China’s renminbi to directly purchase China-made commodities. Sinopec, one of China’s biggest oil firms, together with Zhuhai Zhenrong, a Chinese trading company, oversee most of the oil and non-oil transactions between the two countries....
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