A Chinese flag flutters in front of a Sinopec Shanghai Gaoqiao refinery. China’s yuan-denominated oil futures, launched in March, have overtaken in volume the dollar-denominated oil futures traded in Singapore and Dubai. Photo: AFP
John A. Mathews
Opinion

Opinion

The View by John A. Mathews

China’s petroyuan is going global, and gunning for the US dollar

  • John A. Mathews and Mark Selden say China’s yuan-denominated oil futures are being taken seriously by traders, suggesting they can help promote renminbi internationalistion to challenge the hegemony of the US dollar in world trade

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A Chinese flag flutters in front of a Sinopec Shanghai Gaoqiao refinery. China’s yuan-denominated oil futures, launched in March, have overtaken in volume the dollar-denominated oil futures traded in Singapore and Dubai. Photo: AFP
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John A. Mathews

John A. Mathews

John A. Mathews is a professor of management at the Macquarie Graduate School of Management in Sydney.

Mark Selden

Mark Selden

Mark Selden is a senior research associate in the East Asia Programme, Cornell University and editor of The Asia-Pacific Journal: Japan Focus.