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China Regulators Complete Final ‘Drill’ In Preparation For Petro-Yuan Futures Trading
China Regulators Complete Final ‘Drill’ In Preparation For Petro-Yuan Futures Trading
Amid all the chatter of Venezuela and Russia potentially creating oil-backed cryptocurrencies, the “huge news” of China’s launch of the Petro-Yuan has fallen off the front page… until now.
This week saw the Shanghai Futures Exchange complete its fifth yuan-back oil futures contract trading drill successfully…
As Bloomberg reports, 149 members of Shanghai International Energy Exchange traded 647,930 lots in the drill with total value of 268.2b yuan, according to a statement from the exchange, which added that the system basically met the listing requirements of crude futures after the drill.
While this was a success, it’s not all plain-saling…
As Bloomberg notes, as the world’s largest energy consumer and an increasing source of investment capital for oil-producing nations, China has an interest in using its own currency rather than that of a geopolitical competitor.….more here
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