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Home / Metal News / China Readies Yuan-Priced Crude Oil Futures Contract Backed by Gold

China Readies Yuan-Priced Crude Oil Futures Contract Backed by Gold

Sep 5, 2017 10:55

Source:SMM

China is preparing to introduce a crude oil futures contract denominated in Chinese yuan and convertible into gold.

SHANGHAI, Sept. 5 (SMM) – China is preparing to introduce a crude oil futures contract denominated in Chinese yuan and convertible into gold.

This move will potentially create the most important Asian oil benchmark and allow oil exporters to bypass USD-denominated benchmarks by trading in yuan.

Onshore Yuan Hits Nearly 16-Month High

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Yuan-Priced Crude Oil Futures Contract

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