DOW JONES NEWSWIRES Iran is accepting yuan for some of the crude oil it sells to China, in part because of U.S. sanctions against Tehran's nuclear program, the Financial Times reported Monday, citing industry executives and bankers. Tehran will spend the yuan on goods and services from China, according to the newspaper. Most of the oil Iran buys from China goes through the Unipec trading arm of China Petroleum Corp. (SNP) and another trading company called Zhuhai Zhenrong, the oil industry executives in Beijing and Kuwait told the newspaper. "The global financial crisis accelerated the shift from the west to the east," the chief executive of one bank in Dubai told the newspaper. "Such measures [as the U.S. sanctions against Iran] will now enhance the acceptability of the renminbi as a transaction currency." Sinopec, Zhuhai Zhenrong and Iran's central bank declined to comment, the FT reported. Full story at www.ft.com -Dow Jones Newswires; 212-416-2900
