China Crude Oil Future

Geo-energy Meets Geopolitics: China’s New Crude Oil Future

In September, China announced its plans to launch an RMB-dominated crude oil futures contract that will be also convertible to gold. The move allows Beijing to extend RMB’s reach in global energy markets, increase RMB-denominated transactions, and subsequently reduce dollar’s dominance as one of the world’s leading reserve currencies. However slow the process, the energy…