Yuan crude oil futures start today
Print Edition
China will officially launch its new crude oil futures contract today at the Shanghai Futures Exchange in a move that is “an important measure of further opening up” of China’s futures market.
The contract will be traded on the Shanghai International Energy Exchange, a unit of the Shanghai Futures Exchange, and will allow Chinese buyers to lock in oil prices and pay in yuan.
The launch of the yuan-denominated trading will potentially shake up pricing of crude oil markets globally and challenge the dominance of the current global benchmarks.
“Crude oil futures, as the first internationalized futures in China, is an important measure of further opening up ... and more importantly, improve the internationalization level of our futures market,” Cao Yanwen, an official of the Shanghai Financial Service Office, said at a press conference on Saturday.
The contract aims to offer companies a hedging tool which can better reflect market conditions in the Asia-Pacific region, according to the exchange.
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