China will soon be able to trade oil using its own currency by creating a futures market to rival the international benchmark contracts which are traded exclusively in dollars.
The China Securities Regulatory Commission confirmed its plans to begin the trade of yuan-based oil futures on the Shanghai Futures Exchange from March 26 on Friday.
China is now the world’s largest crude importer which is understood to be a large part of its drive to establish a benchmark which reflects its local market and offers its mega refineries more clout....The Telegraph
China to launch rival oil futures market in spring
Jillian Ambrose, energy editor
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Long-anticipated move hopes to chip away at dollar’s grip on global markets
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