China about to knock out petrodollar by trading oil in yuan

As one of the world’s top energy importers, China has successfully completed its fifth dry run in yuan-backed oil futures contract trading. The step has been already called Beijing’s challenge to the US dollar.

According to Bloomberg, which cited a statement from the exchange, 149 members of Shanghai International Energy Exchange traded 647,930 lots in the rehearsal with a total value of 268.2 billion yuan. The system met the listing requirements of crude futures after the exercise, it added. Read more.

RT

Related,
- China Regulators Complete Final 'Drill' In Preparation For Petro-Yuan Futures Trading - ZeroHedge
- China's Push to Trade Oil in Yuan Faces a Key Hurdle - Bloomberg