March 26, 2018

Death of US dollar? China launches petro-yuan to challenge greenback’s dominance

The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency.

Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Some 18,540 lots have reportedly been sold and purchased so far. Read more.

RT

Related,
- China Prepares Death Blow To The Dollar - OilPrice
- China Is About to Shake Up the Oil Futures Market (video) - Bloomberg

- Petro-yuan helps Russia & China dump US dollar in oil trade - RT
- China can succeed with petro-yuan where Gaddafi failed – killing the US dollar in oil trade - RT

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