China aims for dollar-free oil trade

Yuan-denominated futures would allow crude exporters to dodge US sanctions

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Exports from Russian oil fields like those in Bashkortostan could soon be traded in yuan to circumvent U.S. sanctions.

DAMON EVANS, Contributing writer

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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