Venezuela publishes Oil Prices in Chinese Currency for First Time

Venezuela on Friday published the price of its oil and fuel in Chinese currency for the first time, following President Nicolas Maduro's announcement that the government would ease off the U.S. dollar in respinse to sanctions by the United States.

Maduro last week said his government would shun the dollar after Washington blocked Americans from certain financial dealings with Venezuela on charges it is undermining democracy.

"As of the current week, the average price for Venezuelan(oil and fuel) will be listed in Chinese yuan," said a footnote to the table of prices published each Friday by the Oil Ministry.

The globla oil industry overwhelmingly uses the dollar for pricing of products.

--News from www.sinopecnews.com.cn

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