On March 26, China launched crude oil futures contracts priced in renminbi (RMB) on the Shanghai International Energy Exchange. These contracts are the first RMB-denominated futures that foreigners can directly buy and sell. China is also taking steps to begin paying for some crude oil in RMB rather than in U.S. dollars. These moves are … Continue reading China’s currency displacing the dollar in global oil trade? Don’t count on it.
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