CARACAS - Venezuela's government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five people familiar with the matter said.
China's central bank, the People's Bank of China, did not respond to a faxed request for comment. PDVSA, Venezuela's central bank, and Venezuela's information ministry did not respond to requests for comment. The offer comes after Venezuela's government and PDVSA have paid some suppliers and contractors with euros in cash, which they have received from some oil and gold sales, in response to the loss of access to the US financial system due to the sanctions.
Venezuela's central bank has at least US$700 million in yuan in an account at China's central bank, which it received earlier this year as compensation for an oil shipment, according to two people with knowledge of the Venezuelan central bank's operations. Reuters could not independently confirm this.
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