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

Published: Sep 5, 2017 10:55

Save

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

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

china Yuan-Priced Crude Oil Futures Contract

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Silver Prices Remained in the Doldrums; the Downward Trend in Spot Market Premiums Was Unchanged [SMM Daily Review]

1 hour ago

2 hours ago

PGM outlook strengthens as supply tightens

The platinum group metals market is entering 2026 on a more bullish footing than many expected a year ago, driven by tightening supply and a recalibration of long-term demand concerns.

2 hours ago

HSBC Research Expects Gold Prices to Leap with Oil Prices; Gold & USD May Rise Simultaneously

Influenced by the Iran incident, gold prices gapped up at the opening of the Asian market yesterday (2nd), according to a report from HSBC Global Research. It is believed that rising oil prices pushed up gold prices, with the premium on the Shanghai Gold Exchange turning positive and reaching USD10 per ounce.

2 hours ago