China is trying to widen the use of yuan in settlement of crude oil futures. Photo: Shutterstock Images China is trying to widen the use of yuan in settlement of crude oil futures. Photo: Shutterstock Images
China is trying to widen the use of yuan in settlement of crude oil futures. Photo: Shutterstock Images

Petroyuan’s stature grows on Shanghai exchange, helping world’s largest energy importer cut dependence on US dollars

  • Crude oil contracts traded in Shanghai accounted for 10.5 per cent of the global volume at the start of June compared to 6.2 per cent in the second quarter of 2018
  • Traders appear to embrace yuan oil futures contracts, pricing them similarly to the Brent and WTI benchmarks, says analyst

Topic |   Yuan
China is trying to widen the use of yuan in settlement of crude oil futures. Photo: Shutterstock Images China is trying to widen the use of yuan in settlement of crude oil futures. Photo: Shutterstock Images
China is trying to widen the use of yuan in settlement of crude oil futures. Photo: Shutterstock Images
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