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China Plans Yuan-Priced Crude Oil Futures Convertible To Gold

China Plans Yuan-Priced Crude Oil Futures Convertible To Gold

wallstreetexaminer.com / by Anthony B Sanders / September 3, 2017

This is a syndicated repost courtesy of Snake Hole Lounge. To view original,click hereReposted with permission.

The global de-dollarization trend continues with China launching a crude oil futures contract priced in yuan and convertible into gold.

DENPASAR, Indonesia — China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.

The contract could become the most important Asia-based crude oil benchmark, given that China is the world’s biggest oil importer. Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars.

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