March 26th is the date officially announced by China as the beginning of oil futures trading in Yuan. Trades are held at the Shanghai International Energy Exchange, futures received the abbreviation INE.
During the first minutes of trading, the deals were held at a price of 440.20 yuan per barrel, which corresponds to $ 69.71, that is, almost the same as the usual futures for ICE.
If investors will be interested in a new contract, it may eventually become a benchmark for the oil market. While experts say the yuan oil futures will help further internationalise China’s markets and increase crude price transparency in Asia, the dollar’s position as the world’s petrocurrency remains solid.