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China buying oil from Iran with yuan
Source: BBC
8 May 2012 Last updated at 13:27 GMT
China buying oil from Iran with yuan
China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.
Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US currency.
Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran's ambassador to the United Arab Emirates, confirmed.
China is the biggest buyer of Iranian crude oil exports.
[font size=1]-snip-[/font]
China buying oil from Iran with yuan
China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.
Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US currency.
Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran's ambassador to the United Arab Emirates, confirmed.
China is the biggest buyer of Iranian crude oil exports.
[font size=1]-snip-[/font]
Read more: http://www.bbc.co.uk/news/business-17988142
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