Sentences with phrase «yuan oil benchmark»

Russia is off the petro - dollar and quite married to China now and the Silk Road Dedollarized Zone is now underway as is the the soon to be launched Yuan Oil Benchmark fully exchangeable for physical gold.

Not exact matches

The plan is to launch an oil futures contract on the Shanghai International Energy Exchange (INE), but there are obstacles in convincing large oil producers and consumers in using the yuan and investing in the Shanghai benchmark.

To that end, reports indicate that China is set to introduce an oil benchmark priced in yuan in the coming months.

The Shanghai oil futures contract is similarly designed to wrest some control over pricing from the main benchmarks in New York and London — West Texas Intermediate (WTI) and Brent — and to promote the use of the yuan, also known as the renminbi.

Priced in yuan and traded on the Shanghai International Energy Exchange, it's the first such Asian benchmark for oil deals.

While the official goal of the new futures contract is to establish a regional benchmark for more useful pricing of the crude grades prevalent on the Chinese market, analysts see the yuan oil futures as a step toward China seeking wider acceptance of its currency in global trade, including the oil trade, and establishing a petro - yuan that could challenge, in the future, the dominance of the petrodollar.