New Date Set For Launch Of Petro-Yuan (Oil-For-Yuan Contract)

• New Date Set For Launch Of Petro-Yuan (Oil-For-Yuan Contract)
  by https://www.silverdoctors.com/
  Could we finally see the much anticipated launch of the oil-for-yuan contract?. According to this official source, that would be a “yes”… News is coming in today of a launch date for the long anticipated oil-for-yuan contract. Here’s more from Reuters (bold added for emphasis):
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  BEIJING (Reuters) – China plans to launch its long-awaited crude oil futures contract on March 26, the country’s securities regulator said on Friday, a move that could potentially shake up pricing of the world’s largest commodity market.
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  Chang Depeng, a spokesman for the China Securities Regulatory Commission (CSRC), gave the launch date at a regular briefing in Beijing, confirming what two sources familiar with the situation told Reuters earlier on Friday.
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  The launch will mark the culmination of a years-long push by China to create Asia’s first oil futures benchmark, and is aimed at giving the world’s biggest oil importer more clout in pricing crude sold to Asia.
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  It will potentially give the Shanghai International Energy Exchange (INE), which will operate the new contract, a share of the trillions of dollars each year in oil futures trading. The Shanghai Futures Exchange (ShFE) and INE, which is part of the ShFE, declined to comment.
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  Asia has become the world’s biggest oil consuming region, and China hopes its own derivative crude contract will better reflect market conditions in the region.
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