Home / TIPS / MTECHTIPS:-China To Launch Yuan Denominated Crude Oil Futures

MTECHTIPS:-China To Launch Yuan Denominated Crude Oil Futures

MTECHTIPS:-China To Launch Yuan Denominated Crude Oil Futures

China plans to launch a yuan-denominated international benchmark for crude oil futures this year aimed at the Asian market, an industry source said Thursday. The contract will be traded at the Shanghai International Energy Exchange (INE) and will be a price reference for medium sour crude, a variety favoured by Asian players and imported mainly from the Middle East, said the source, who asked not to be named. It has a higher sulfur content than the existing benchmarks West Texas Intermediate (WTI) traded in New York and Brent traded in London both classified as light sweet crude. Crude oil futures are a hedge against price volatility. Prices move based on supply and demand expectations as well as geopolitical concerns. The Chinese contract will be traded in lots of 100 barrels

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