Jillian Ambrose — China to launch rival oil futures market in spring

Summary:
It's on. 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 TelegraphChina to launch rival oil futures market in spring Jillian Ambrose, energy editorAlso Long-anticipated move hopes to chip away at dollar’s grip on global markets Asia TimesYuan-denominated crude futures launch finally

Topics:
Mike Norman considers the following as important: China, CNY, oil futures, oil price, petrodollar, USD

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