oil RMB

Against the backdrop of the dominance of the US dollar in the global oil market, China has become the world's largest importer of crude oil and an important participant in the world oil and gas market. Based on the significance of enhancing international market influence and ensuring China's energy security, the internationalization process of the RMB is steadily advancing. The external conditions for the implementation of petro RMB are gradually mature. The "the Belt and Road" initiative provides impetus for petro RMB. The international situation and the wave of "de dollarization" create opportunities for petro RMB. The Chinese government continues to expand financial openness to help petro RMB develop. At the same time, there are still many constraints in establishing the international status of the oil renminbi, including the need to improve the mechanism and policies for cross-border renminbi reflow, and the United States vigorously maintaining its "world hegemonic" status. Therefore, China needs to seize the opportunity, actively carry out major country energy diplomacy, promote key regional economic cooperation, improve the development of the oil trading financial system, and promote the stable development of the oil RMB.