Iran is accepting renminbi for some of the crude oil it supplies to China, industry executives in Beijing and Kuwait and Dubai-based bankers have said, partly as a consequence of US sanctions aimed at limiting its nuclear programme.
Tehran is spending the currency, which is not freely convertible, on goods and services imported from China.
Most of the oil that goes from Iran to China is handled by the Unipec trading arm of Sinopec, China’s second-largest oil company, and through another trading company called Zhuhai Zhenrong, according to the oil executives.
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