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Updated Saturday, July 24, 2010 11:45 pm TWN, Reuters

Iran, China explore using yuan to settle oil, projects, transactions: source

BEIJING -- Iran and China are in talks to use the Chinese yuan to settle transactions of oil and projects, as heightened sanctions from the United States and Europe seek to further isolate Tehran from the global financial system, sources said. The idea was raised internally several months ago by state refiner Sinopec, one of the world's largest Iranian oil buyers, and Iran recently made more formal proposals to China, industry sources with direct knowledge of the situation told Reuters.

The proposal is for Iran, China's No.3 crude supplier, to set up a yuan account in a Chinese bank and receive payments for its crude sales, that can be partly offset by Iran's purchases of Chinese fuels, equipment and other projects, they said.

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