China Plans Yuan-Priced Crude Oil Futures Convertible To Gold

Jon Precious Metals

This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted 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.

This post was published at Wall Street Examiner on September 3, 2017.