In March 2018, China launched yuan-denominated oil futures contracts in Shanghai to compete with the dominant US petrodollar. Photo: AP In March 2018, China launched yuan-denominated oil futures contracts in Shanghai to compete with the dominant US petrodollar. Photo: AP
In March 2018, China launched yuan-denominated oil futures contracts in Shanghai to compete with the dominant US petrodollar. Photo: AP
Diplomacy

Could US sanctions and closer Middle East ties fuel the rise of China’s petroyuan?

  • China could be looking to secure long-term energy deals with Middle Eastern nations to increase the international use of its currency, analysts say
  • Use of the so-called petroyuan could gain traction as energy exporters like Russia and Iran, which are subject to US sanctions, look to limit dollar exposure 

Topic |   Diplomacy
In March 2018, China launched yuan-denominated oil futures contracts in Shanghai to compete with the dominant US petrodollar. Photo: AP In March 2018, China launched yuan-denominated oil futures contracts in Shanghai to compete with the dominant US petrodollar. Photo: AP
In March 2018, China launched yuan-denominated oil futures contracts in Shanghai to compete with the dominant US petrodollar. Photo: AP
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