Discussions between China and Iran to use Chinese Yuan in oil deals

China and Iran are conducting negotiations to use the Chinese Yuan in settling oil contracts to thwart sanctions being imposed by the West, Iran News has reported. Should the two countries reach an agreement, Iran would open a banking office in China in order to withdraw money for oil supplied and also to purchase fuel and equipment in china and to finance various projects. Bloomberg reports that CNPC first brought up the idea three months ago.